Business Activity is best described as....

• process of producing goods & services to satisfy consumer demand

• the potential of something that could have been purchased

• When demand is more than the resources available

Farming and mining are examples of what sector?

• primary

• Secondary

• Tertiary

A hairdressers is an example of what sector?

• primary

• Secondary

• Tertiary

What do we call resources being extracted in the primary sector, being made into a product in the secondary sector and sold to the end customer in the tertiary sector?

• Factors of production

• Chain of production

• Production Line

• Opportunity cost

A mixed economy is best described as....

• A wide variety of goods and services available.

• Only private sector businesses owning and controlling resources.

• Only public sector businesses owning and controlling resources.

• Both private and public sector businesses owning and controlling resources.

Which method is NOT a good measure of business size?

• Profit

• Value of Output

• Market Share

• Outlets

Which types of ownership have unlimited liability?

• Incorporated

• Unincorporated

Which of the following is NOT a risk of having an unmotivated workforce?

• Higher Turnover

• Increased Absenteeism

• Higher industrial Action

• Increased Productivity

Organize these methods of motivation into financial and non financial.

Groups:

(a) Financial

,

(b) Non financial

• Promotion

• Profit Sharing

• Wages

• Teamwork

• Bonus

• Fringe Benefits

• Job Enlargement

• Performance related pay

• Salary

• Commission

• Training

• Job Enrichment

Which of the following are possible reasons a business may NOT want to grow?

• Growth is expensive

• Competition

• Small Market

• Owners Choice

• All of the answers