1. Understanding Business
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1. Understanding Business - Leaderboard
1. Understanding Business - Details
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18 questions
| 🇬🇧 | 🇬🇧 |
| What is a need? | Something essential for us to live. |
| What is a want? | Things that we'd like to have but don't need to live. |
| What is an example of a need? | Food, Water, Clothing, Shelter |
| What is an example of a good? | Car, Mobile Phone, Holiday, New Clothes |
| What is a durable good? | Goods we can use again and again |
| What is a non-durable good? | Goods we normally only use once |
| What is a service? | Things that are done for you |
| What are the 4 Factors of Production? | Land, Labour, Capital & Enterprise |
| What is the Land Factor? | The natural resources used to provide a good or service |
| What is the Labour Factor? | The workforce used to produce a product or provide a service |
| What is the Capital Factor? | The man made resources that are needed to produce a product |
| What is the Enterprise Factor? | The idea that the owner had to create a business, and how the 3 other factors were used to provide a good or service |
| What is the Public Sector of the economy? | Owned by the government on behalf of the people. Public does not want to make a profit. |
| What is the Private Sector of the economy? | Owned by shareholders / individuals. Private organisations aim to make a profit. |
| What is the Third Sector of the economy? | Voluntary organisations, charities and social enterprises. They exist to bring people together and use any money to help a good cause. |
| What is the Primary Sector of Industry? | Businesses involved in extracting natural resources |
| What is the Secondary Sector of Industry? | Businesses involved in manufacturing and construction |
| What is the Tertiary Sector of Industry? | Businesses involved in providing a service |