Business Concepts Quiz

What are the resources called that businesses need to combine to produce goods and services?

• Factors of production

• Financial assets

• Human capital

• Natural resources

Which factor of production refers to natural resources needed to produce goods and services?

• Labour

• Capital

• Land

• Entrepreneurship

Why might a business introduce new goods or services?

• To reduce costs

• To fill gaps in the market

• To eliminate competition

• To decrease production

What is the primary sector involved with?

• Manufacturing goods

• Extracting natural resources

• Providing services

• Marketing products

Which of the following is an example of primary sector output?

• Software development

• Retail sales

• Agricultural farming

• Financial services

What might cause a business to change the production of a certain good?

• Increase in production costs

• Changes in consumer habits

• Decrease in competition

• Stable market trends

What is the ultimate goal of adding value to goods and services?

• To increase production time

• To help the organization earn profit

• To decrease customer satisfaction

• To reduce market share

Which sector is referred to as the "engine of growth"?

• Secondary sector

• Primary sector

• Tertiary sector

• Quaternary sector

What does the tertiary sector primarily involve?

• Providing services

• Manufacturing goods

• Extracting raw materials

• Conducting research

What is an example of a business activity in the tertiary sector?

• Banking

• Mining

• Construction

• Agriculture