Business Studies Definition Quiz

This refers to the taking of risks in establishing a business.

• Enterprise
• Barter
• Trade

The system within a country which determines the production, exchange and consumption of goods and services.

• Barter
• Economy
• Organization

Any individual or organization which uses goods and services.

• Business
• Producer
• Consumer

Tangible products which have been produced. e.g. car, rice, clothing etc.

• Goods
• Business
• Barter

Any place where buyers and sellers meet to engage in trade. It is also referred to as the demand for a product.

• Organization
• Market
• Business

Capital

• Money which is used in the organization to acquire assets.
• Money which is used to pay bills in an organization
• Money which is used for foreign exchange

Credit Card

• Payment for goods through access of consumer’s credit bank account
• Credit payment represented on paper to be taken from consumer’s credit bank account.
• Credit company pays for goods/services while consumer makes payments to credit company

Specialization

• The act of combining all the other factors of production (land, labour and capital) with the aim of establishing a profitable venture for the production of goods and services.
• A social arrangement which pursues collective goals such as the production of goods and services
• This is the division of labour into specific tasks. A whole process is divided into several task.

Profit

• Any final good used for some purpose.
• The situation which exist when total sales are not enough to cover all expenses.
• The surplus funds which remain after all expenses have been covered.

Labour

• The surplus funds which remain after all expenses have been covered.
• Any place where buyers and sellers meet to engage in trade.
• This is the physical and mental contribution of individuals to the creation of goods and services