Commerce 101

A business that mines iron ore operates in which industrial sector?

• Tertiary

• Secondary

• Primary

• Banking

This is a

• Product

• Service

• Help

Which one of the following is used to describe manufactured resources?

• Capital

• Factors of Production

• Natural Resources

• Human Capital

What is the law of demand?

(Choose two answers)

• When the demand decreases, price increases.

• When the demand increases, supply decreases

• When the demand decreases, supply increases.

• When the demand increases, price decreases

a business where business decisions can be shared ...

• Sole trader

• Partnership

• Franchise

The person who brings together factors of production to produce goods/services.......

• Buyer

• Seller

• Entrepreneur

• manufacturer

What is production?

• Is when a business performs a trading activity.

• Is the organized activity of transforming the resources into finished products in the form of goods and services.

• Is the exchange of raw materials between two people, businesses or organizations.

• Is when a person concentrates in what they do best.

• Is the organized activity of transforming the resources into finished products in the form raw materials.

Firms spend a large amount on ……………………………………….to increase sales

In a channel of distribution, the middleman between the wholesaler and the consumer is ………………………………

In -------------------------------- customers can drop in the money in machine and acquire the products.