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Questions and Answers
Which sector involves extracting natural resources?
What is the purpose of business activity?
What is added value in business activity?
Which factor of production involves the number of people available to work?
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What differentiates primary and secondary sectors?
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What is the purpose of business activity?
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Which sector includes activities related to farming, fishing, forestry, and mining?
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What does the term 'added value' refer to in business activity?
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Which factor of production involves the number of people available to work?
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Which sector involves the production of goods that are not essential for living but are desired by people?
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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.
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Description
Test your knowledge of business activity and classification of businesses with this quiz. Challenge yourself with questions on added value, the purpose of business activity, and how businesses are classified into different categories. Sharpen your understanding of the processes involved in providing goods and services to meet consumer needs and wants.
