S1 Understanding Business (2)

What is the definition of a need?

• A need is something that humans must have to survive

• A luxury item that humans have but are not essential to survive

Durable goods are made to last a long time. True or False?

• True

• False

Select two examples of durable goods ?

• Coffee

• Washing Machine

• Bread

• Car

Non durable goods last a limited period of time. True or False?

• True

• False

What are 2 examples of a non durable good ?

• Car

• Fruit

• Bread

• Fridge

What are The Factors of Production?

• Land

  Labour

  Capital

  Enterprise

• Land

  Labour

  Buildings

  Enterprise

• Land

  People

  Capital

  Enterprise

What is the definition of the term entrepreneur?

• A entrepreneur is a person who has an business idea and has the drive and courage to take it forward

• A entrepreneur is a person who invest money in someone else’s business

Labour is the workers and their knowledge, effort and skills to make products. True of False?

• True

• False

Land is the natural resources businesses use, extracted from the ground. What is an example of this ?

• Tractor

• Oil

• Bread

What is enterprise?

• The knowledge, skills and ideas of the entrepreneur

• The knowledge, skills and ideas of the employees