1.1 Business Activity Chapter 1 Review (JCB)

JCB makes producer goods. What is meant by the term producer goods?

(Hint - Your answer must explain the term for one mark and supported by reference to JCB for the second mark)

What is meant by the term private sector?

(Hint - Your answer should include reference to ownership for one mark and it's most likely purpose or objective for the second mark)

Name two possible stakeholders in JCB.

What role do managers play in a business such as JCB?

• Managers oversee operations and ensure efficiency.

• Managers are responsible for designing machinery.

• Managers handle customer service inquiries.

• Managers focus solely on marketing strategies.

JCB operates in a changing business environment. What does this mean?

• It means JCB is adapting to new market trends.

• It means JCB is facing financial difficulties.

• It means JCB is expanding its product line.

• It means JCB is reducing its workforce.

Discuss whether the owners of JCB would be happy with the financial performance of the business between 2011 and 2014.

(Hint - You must consider both sides of the argument, ensuring that your points remain in context of the business and are explained with support from the text or data given before coming to a conclusion. There is no right or wrong answer; but whichever way go, you must have backed it up).