Recap Business Activity

Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.

• Tertiary Sector

• Primary Sector

• Secondary Sector

• The economic problem

Land, labour, capital and enterprise are collectively known as

• Goods and services

• Business cycle

• Factors of production

• Output

Which of these is the best definition of the ‘economic problem’?

• People do not have enough money.

• There are not enough resources to satisfy people’s wants.

• There are too many factors of production.

• The amount of something produced by a person, machine or industry.

Division of labour can be defined as:

• Workers specialise on just one task and become better at it.
• Workers become specialist in all jobs.
• All firms only have one worker
• No workers are employed as machines always do all the work.

Examples of tertiary sector companies include...

• Farming, fishing, mining
• Transport, banking, teaching, nursing, police
• Building, processing food, manufacturing

What is 'added value'?

• is the next best alternative given up by choosing another item.

• is the difference between the selling price of a product and the cost of bought-in materials and components.

• It's a good or service essential for living.

• is the lack of sufficient products to fulfil the total wants of the population.

Which of the following is an example of PRIMARY business activity?

• Factories
• Shops
• Schools
• Farmers

Which of the following is an example of SECONDARY business activity?

• School
• Factories
• Shops
• Farmers

Which of the following is an example of TERTIARY business activity?

• Schools
• Farmers
• Fishermen
• Factories

A good or service essential for living

• needs

• wants

• factors of productioin

• scarcity