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15 questions
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- Multiple ChoicePlease save your changes before editing any questions.
It is the process of producing goods and services to satisfy consumer demand.
Need
Want
Business Activity
Scarcity
- Multiple ChoicePlease save your changes before editing any questions.
What are the Factors of Production?
Land
Labour
Capital
Enterprise
Money
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There are not enough goods and services to meet the wants of the population.
Opportunity Cost
Specialisation
Want
Scarcity
- Multiple ChoicePlease save your changes before editing any questions.
It is the benefit that could have been gained from an alternative use of the same resources.
Scarcity
Specialisation
Opportunity Cost
Business Activity
- Multiple ChoicePlease save your changes before editing any questions.
The following are classifications of Businesses. Except?
Primary Sector
Duodenary Sector
Secondary Sector
Tertiary Sector
- Multiple ChoicePlease save your changes before editing any questions.
What are the examples of Primary Sectors?
farming
shops
forestry
mining
restaurants
- Multiple ChoicePlease save your changes before editing any questions.
Firms that manufacture and process goods from natural resources.
Tertiary Sector
Duodenary Sector
Secondary Sector
Primary Sector
- Multiple ChoicePlease save your changes before editing any questions.
The following are examples of Secondary Sector. Except?
refining
farming
manufacturing
construction
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The part of the economy that is owned and controlled by individuals and companies for profit.
Private Sector
Public Sector
Secondary Sector
Primary Sector
- Multiple ChoicePlease save your changes before editing any questions.
Firms whose business activity involves the extraction of natural resources.
Duodenary Sector
Secondary Sector
Primary Sector
Tertiary Sector
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These are firms that supply service to consumers and other businesses.
Duodenary Sector
Tertiary Sector
Primary Sector
Secondary Sector
- Multiple ChoicePlease save your changes before editing any questions.
Examples of tertiary sector businesses include:
shops
forestry
banks
cinemas
construction
- Multiple ChoicePlease save your changes before editing any questions.
It is an economy where the resources are owned and controlled by both private and public sector.
Duodenary Sector
Public Sector
Private Sector
Mixed Economy
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Products which are sold to the public, but they cannot be seen or touched.
Capital Goods
Consumer Services
Consumer Goods
Branding
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Products which are sold to the final consumer. They can be seen and touched.
Consumer Services
Consumer Goods
Capital Goods
Consumer Satisfaction