Principles of Business Quiz 1

Land, Labour, Capital are factors of production that a new hairdressing business will require.

line

flow

functional

line and staff

• True

• False

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Explain how a supermarket could add value to the food and other stock it buys in.

• By advertising in the local newspaper certain brands and the way items are placed on the shelves

• The location of the supermarket can also add value if it is more convenient than others.

• All is correct.

What is an entrepreneur?

• Someone who has set up their own business

• Someone who is employed

• Someone who doesn't work

• Someone who works from home

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market

What challenges does an entrepreneur have?

• drive

• responsibility

• money

• all of the above

Land includes...

• the tools, equipment, and factories used in production of goods and services

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market

Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.

• Tertiary Sector

• Primary Sector

• Secondary Sector

• The economic problem

Select all the examples of ways kids can be entrepreneurs (There is more than one answer)

• Starting a lemonade stand

• Starting a dog walking service

• Creating and selling homemade jewelry

• Creating and selling a "How To" guide of your favorite video game

The opportunity cost is best defined as

• The next best use alternative use of money, time, or resources when making a choice.

• The list of alternatives that are available when making a choice.

• The diagram representing the maximum number of goods that can be sold.

• A simplified version of a complex concept or behavior.