Intro to Business Management

The resources used in the production process are collectively known as

• Human capital resources
• Raw materials
• Working capital
• Factors of production

Which of the following is not an example of primary production?

• Agriculture
• Fishing
• Mining
• Coaching

The secondary sector

• Forms the largest employment sector in most developed countries
• Provides both goods and services
• Consists of business involved in the manufacturing of goods
• Is labour intensive

Production is

• The process of making goods and services from the available factors inputs
• The manufacturing of goods in the secondary industry
• Any output other than services
• The second stage of the output process

Which of the following businesses would NOT be described as operating in the tertiary sector?

• Pest control
• Restaurant
• Private security
• Textiles

Computers are an example of which type of factor input?

• Labour
• Land
• Capital
• Machinery

Public utilities such as water and gas supply are usually considered as being in the tertiary sector because they

• Are owned by the government
• Provide services to the general public
• Are involved with turning resources into a useable product
• Are not extracted or manufactured

The .............. sector of the economy is owned by individuals and companies, usually in pursuit of making profit. The ............. sector is controlled by the government that aims primarily to provide a service by acting in the public’s best interest.

• Private, public
• Public, private
• Primary, tertiary
• Tertiary, primary

The division of labour is most extensively observed in which of the following case?

• Original oil painting
• Made-to-measure suits
• Lecturing at university
• Fast food

An entrepreneur is someone who

• Owns a business as a sole trader or as the primary shareholder
• Organizes factor inputs and takes the risks in business decisions
• Is an industrialist who manages production and output
• Has a managerial or supervisory role within an organization