Understanding Business National 5

A good is something which is tangible - can be seen, touched and picked up

• True

• False

A durable good can only be used once.

• True

• False

Which of the following are examples of a service?

• A train journey

• A computer

• Hairdresser

• CD

This is essential to survive and to satisfy the needs and wants of the consumer.

• Wants

• Desires

• Factors

• Needs

For a business to provide us with products they need to coordinate what?

• Sectors of Industry

• Factors of Production

• Added Value

• Wealth Creation

Factors of production include combining what...

• Land, Labour, Resources and Enterprise

• Land, Finance, Capital and Resources

• Land, Premises, Capital and Enteprise

• Land, Labour, Capital, Enterprise

Identify the Factor of Production: The man-made resources that are needed to make a product, e.g. machines, tools and money.

• Land

• Capital

• Labour

• Enterprise

Identify the Factor of Production: Combining all factors of production by the entrepreneur

• Land

• Labour

• Capital

• Enterprise

Identify the Factor of Production: The natural resources of the world, e.g. water, air, plants

• Land

• Labour

• Capital

• Enterprise

Identify the Factor of Production: The people employed by a business (the workforce) to make the product.

• Land

• Labour

• Capital

• Enterprise