Which of the following is a good?
A calculator
A taxi ride
A swimming lesson
Which of the following is a possible risk for someone who runs their own business?
Business success
Financial loss
Profit
Which of the following is a want?
Food
Warmth
Games console
Which of the following best defines a need?
Something that is essential for survival
Something that it would be nice to have
Something that makes life easier
Which of these is an example of an innovation?
A car company making both petrol and diesel cars
A lightbulb being adapted to become an energy-efficient LED lightbulb
Coming up with a new idea that nobody has thought of previously
What is the purpose of business activity?
To produce goods and services that customers want
To provide goods and services that nobody wants
To only produce goods and services that meet basic needs
What is an invention?
Changing the packaging of a product to extend its life cycle
Changing a product to make it better
Creating a new idea or product that did not previously exist
Which of the following is a service?
A handbag
A biscuit
A car wash
Which of these is a common reward for a successful business?
Risk
Lack of security
An entrepreneur will organise land, labour and which other type of resource?
Time
Capital
Enterprise