AS Level Business Definitions

What is a consumer good?

• A product intended for personal use by consumers

• A service provided by businesses to other businesses

• A type of investment asset

• A government policy

What are consumer services?

• Services provided to individuals for personal use

• Products sold to businesses

• Government services

• Manufacturing processes

Capital goods are defined as:

• Goods used for personal consumption

• Goods used in the production of other goods

• Goods that are consumed quickly

• Goods that are intangible

What does creating value mean in a business context?

• Increasing profits

• Enhancing customer satisfaction

• Improving operational efficiency

• All of the above

Explain added value.

• Added value is the increase in worth of a product or service as a result of a particular activity.

• Added value is the decrease in worth of a product or service as a result of a particular activity.

• Added value is the unchanged worth of a product or service as a result of a particular activity.

• Added value is the worth of a product or service before any activity.

Opportunity cost is the cost of what?

• The next best alternative foregone

• The total cost of all alternatives

• The monetary cost of a decision

• The time spent on a decision

An entrepreneur is someone who:

• works for a company

• starts and runs their own business

• invests in stocks

• manages a team

A social enterprise is a type of organization that:

• operates solely for profit

• focuses on social impact while generating revenue

• is funded entirely by the government

• only provides volunteer opportunities

The triple bottom line refers to which three aspects of sustainability?

• Economic, Environmental, and Social

• Financial, Ecological, and Cultural

• Profit, Planet, and People

• Revenue, Resources, and Relationships

What is a primary sector business activity?

• Agriculture

• Manufacturing

• Retail

• Banking