WorksheetsY7 - Business Studies (Term 1, p.21)
Total questions: 35
Worksheet time: 3570secs
Which of the following are true?
The business world is all around us.
Business provide us - suppliers - with all the good and services that we need and would like to have.
We are using things made by businesses around the world.
The final user of a product.
consumer
business activity
needs
wants
The process of producing goods and services to satisfy consumer demand.
consumer
business activity
needs
wants
A good or service which is essential to living.
consumer
business activity
need
want
A good or service which people would like, but is not essential for living.
consumer
business activity
need
want
Wants are the same as needs.
True
False
What are examples of wants?
mobile phones
cars
holidays
water
shelter
What are examples of needs?
mobile phones
food
holidays
water
shelter
Which of the following are true?
The main reason you may have given for not having all of your wants is you may not have enough money to buy them.
Our needs are unlimited.
Our wants are unlimited.
Others, who can afford their basic needs, cannot afford to buy what they want.
Unlimited wants cannot be met because there are limited factors of production. This creates scarcity.
economic problem
factors of production
land
labour
capital
The resources needed to produce goods and services - land, labour, capital and enterprise.
economic problem
factors of production
land
labour
capital
The production of goods and services require 5 factors or production.
True
False
What are the factors of production?
land
labour
capital
enterprise
demand
All natural resources such as minerals, ores, fields, oil and forests.
land
labour
capital
enterprise
demand
The number of people available to work.
land
labour
capital
enterprise
demand
Machinery, equipment and finance needed for production of goods and services.
land
labour
capital
enterprise
demand
People prepared to take the risk of setting up businesses.
land
labour
capital
enterprise
demand
People prepared to take the risk of setting up businesses.
land
labour
capital
entrepreneurs
demand
There are not enough goods and services to meet the wants of the population.
scarcity
opportunity cost
specialisation
division of labour
consumer services
The benefit that could have been gained from an alternative use of the same resource.
scarcity
opportunity cost
specialisation
division of labour
consumer services
People and businesses concentrate on what they are best at.
scarcity
opportunity cost
specialisation
division of labour
consumer services
Production is divided into separate tasks and each employee does just one of those tasks.
scarcity
opportunity cost
specialisation
division of labour
consumer services
Non-tangible products such as insurance services, transport.
scarcity
opportunity cost
specialisation
division of labour
consumer services
Products which are sold to other businesses to them in their production process.
capital goods
opportunity cost
specialisation
division of labour
consumer services
Which of the following are true?
Whatever good or service a business produces, it will try to add value at every stage of the production process.
A business takes raw materials and turns them into a good or service which it sells to customers at a price lesser than the cost of the raw materials used in their production.
Added value is one of the most important objectives of business.
Which of the following are true?
Whatever good or service a business produces, it will try to add value at every stage of the production process.
A business takes raw materials and turns them into a good or service which it sells to customers at a price lesser than the cost of the raw materials used in their production.
Added value is one of the most important objectives of business.
Added value is the same as profit.
Costs such as employees' wages and energy costs must be deducted from the added value to calculate profit.
What are ways a business can create its added value?
branding
excellent service quality
product features
convenience
A name, image or symbol that distinguishes a product from competitors' products.
brand
excellent service quality
product features
convenience
Which of the following are true?
Businesses produce a wide range of goods and services to meet the needs and wants of consumers.
The goods and services businesses product can be used to classify all of a country's businesses into 3 different sectors.
Primary sector business activity often provides raw materials for tertiary sector business activity.
Secondary sector business activity takes the natural resources produced by primary sector activity and turns these raw materials into finished goods.
Tertiary sector business activity involves providing services to the final consumers or businesses.
Business activities often provide raw materials for tertiary sector business activities.
Primary sector
Secondary sector
Tertiary sector
Business activities take the natural resources produced by primary sector activities and turn these raw materials into finished goods.
Primary sector
Secondary sector
Tertiary sector
Business activities involve providing services to the final consumers or businesses.
Primary sector
Secondary sector
Tertiary sector
Firms whose business activity involves the extraction of natural resources.
Primary sector
Secondary sector
Tertiary sector
Firms that process and manufacture goods from natural resources.
Primary sector
Secondary sector
Tertiary sector
Firms that supply a service to consumers and other businesses.
Primary sector
Secondary sector
Tertiary sector
