Which of the following is a good?
A calculator
A taxi ride
A swimming lesson
Which of the following describes added value?
The difference between the selling price and the cost price
The difference between the selling price and the amount sold
The difference between the revenue received and the cost price
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
A drinks manufacturer sells water in different sized bottles. Which method of adding value is this an example of?
Unique selling point
Convenience
Quality
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
A sandwich shop charges £1.95 for a sandwich that cost £0.75 to make. How much value is added by the sandwich shop?
£1.95
£0.75
£1.20
Which of the following is a service?
A handbag
A biscuit
A car wash
A business uses packaging to give a product a premium image. Which method of adding value is it using?
Design
Branding
An entrepreneur will organise land, labour and which other type of resource?
Time
Capital
Enterprise