Which of the following is an example of a need?
TV
House
Car
What are the four factors of production?
Land, labour, capital and enterprise
Product, price, place and promotion
Job, flow, lean and just-in-time
What is the name for something that is given up in order to do something else?
Economy of scale
Distribution channel
Opportunity cost
What factor of production is the machinery and equipment used to manufacture goods?
Land
Labour
Capital
Which sector is a diamond mine part of?
Primary
Secondary
Tertiary
Which of these businesses is in the tertiary sector?
Farm
Beauty Salon
Biscuit factory
Why might an entrepreneur start their own business?
To pursue an interest
It is a low risk option
To have a regular income
What is a computer an example of?
An opportunity cost
A service
A good
Which job is in the primary sector?
Teacher
Police officer
Farmer
What best describes a dynamic market?
A slowly changing business environment
A rapidly changing business environment
A business environment that is unlikely to change