Podcast
Questions and Answers
Which sector involves extracting natural resources?
Which sector involves extracting natural resources?
- Primary sector (correct)
- Tertiary sector
- Quaternary sector
- Secondary sector
What is the purpose of business activity?
What is the purpose of business activity?
- To provide consumers with goods and services that meet their needs and wants (correct)
- To exploit natural resources
- To control the market demand
- To maximize profits at any cost
What is added value in business activity?
What is added value in business activity?
- The process of eliminating unnecessary services
- The process of outsourcing production
- The process of reducing the cost of production
- The process of increasing the worth of resources by modifying them (correct)
Which factor of production involves the number of people available to work?
Which factor of production involves the number of people available to work?
What differentiates primary and secondary sectors?
What differentiates primary and secondary sectors?
What is the purpose of business activity?
What is the purpose of business activity?
Which sector includes activities related to farming, fishing, forestry, and mining?
Which sector includes activities related to farming, fishing, forestry, and mining?
What does the term 'added value' refer to in business activity?
What does the term 'added value' refer to in business activity?
Which factor of production involves the number of people available to work?
Which factor of production involves the number of people available to work?
Which sector involves the production of goods that are not essential for living but are desired by people?
Which sector involves the production of goods that are not essential for living but are desired by people?
Flashcards are hidden until you start studying
Study Notes
Natural Resource Extraction
- The primary sector is responsible for extracting natural resources such as minerals, forestry, and agriculture.
Purpose of Business Activity
- Business activity aims to create goods or services that fulfill consumer needs and wants, contributing to economic growth and employment.
Added Value
- Added value refers to the enhancement a company gives its product or service before offering it to customers. It measures the difference between the cost of inputs and the selling price.
Factors of Production
- Labor is the factor of production that involves the number of people available to work. It encompasses their skills and abilities.
Differentiation of Sectors
- The primary sector focuses on extracting raw materials, while the secondary sector transforms these materials into finished goods.
Agriculture and Resource-Based Activities
- Activities related to farming, fishing, forestry, and mining fall under the primary sector, emphasizing the exploitation of natural resources.
Production of Non-Essential Goods
- The tertiary sector includes the production of goods and services that are not essential for living but are sought after for luxury or convenience.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
