G9 Checkpoint 3 Practice Exam

What is a need?

• A product that people must have to live.

• A product that people would like to have but can live without it.

What is a want?

• A product that people need to live.

• A product that people would like to have, but can live without it.

What is a good?

• An object we buy, things we can touch or hold.

• An action we pay for.

What is a service?

• An object we buy, things we can touch or hold.

• An action we pay for.

What business is in the primary sector?

• A business that takes things from the land. Example: oil, fishing.

• A business that makes products in a factory.

  Examples: clothes factory

• A business that provides a service.

  Example: Hotel, salon

What business is in the secondary sector?

• A business that takes things from the land.

  Example: oil, fishing.

• A business that makes products in a factory.

  Example: clothes factory

• A business that provides a service.

  Example: hotel, salon

What business is in the tertiary sector?

• A business that takes things from the land.

  Example: oil, fishing

• A business that makes products in a factory.

  Example: clothes factory

• A business that provides a service.

  Example: hotel, salon

What sector of businesses are owned by the government to provide a service to the community?

• Public sector

• Private sector

What sector of businesses are owned by individual people who want to make a profit?

• Public sector

• Private sector

What are internal stakeholders?

• People who are inside the business such as owners and employees

• People outside the business such as suppliers and government