BH 1.1

There are four factors of production. Identify the incorrect factor.

• Capital

• Enterprise

• Land

• Machinery

Identify the factor of production that includes money for investment.

• Capital

• Enterprise

• Land

• Machinery

Those who use a product are called ____________, and those who only buy the product, but not necessarily use it, are called ____________.

• Buyers, sellers

• Consumers, customers

• Consumers, vendors

• Customers, consumers

Goods are __________ items, generally produced by the __________ and/or _________ sectors of an economy.

• Tangible, secondary, tertiary

• Tangible, primary, secondary

• Physical, primary, quaternary

• Intangible, secondary, services

Identify the business function that manages the workforce, such as recruitment, personnel training, performance appraisals and dismissals.

• Marketing

• Finance and accounts

• Operations management

• Human resources

Identify the business function that manages making and receiving payments, preparing final accounts and calculating the quantitative features of investment decisions.

• Marketing

• Finance and accounts

• Operations management

• Human resources

Identify the business function in charge of determining customer needs and desires and promoting a firm’s products.

• Marketing

• Finance and accounts

• Operations

• Human resources

Identify the business function in charge of all aspects of the production process, quality management and conducting research and development.

• Marketing

• Finance and accounts

• Operations management

• Human resources

Identify the business activity that is not a primary sector industry.

• Farming

• Manufacturing

• Mining

• Fishing

Identify the business activity that is not a secondary sector industry.

• Transportation

• Bridge construction

• Aircraft manufacturing

• Brewing beverages