Business Activity and Entrepreneurial Traits
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Questions and Answers

What is the main purpose of Cambridge University Press?

  • To disseminate knowledge in education, learning, and research. (correct)
  • To focus solely on academic publishing.
  • To operate as a for-profit company.
  • To provide legal advice to universities.

    • In which year was the fourth edition of this publication first published?

  • 2021 (correct)
  • 2014
  • 2002
  • 2010

    • Which of the following is NOT an ISBN listed for this publication?

  • 978-1-108-92598-3
  • 978-1-108-92000-0 (correct)
  • 978-1-108-92599-0
  • 978-1-108-92122-0

    • Where is the Cambridge University Press located?

    <p>Cambridge, UK</p> Signup and view all the answers

    What is the primary purpose of business activity?

    <p>To provide products or services that meet customer needs</p> Signup and view all the answers

    What kind of resources does Cambridge University Press provide for this publication?

    <p>Additional resources online.</p> Signup and view all the answers

    Which factor of production includes resources like coal and timber?

    <p>Land</p> Signup and view all the answers

    What role does enterprise play in business?

    <p>It manages and coordinates the other factors of production</p> Signup and view all the answers

    Which edition of this publication was released immediately before the fourth edition?

    <p>Third edition</p> Signup and view all the answers

    What is the address of Cambridge University Press in Australia?

    <p>477 Williamstown Road, Port Melbourne.</p> Signup and view all the answers

    What does the term 'capital' refer to in the context of factors of production?

    <p>Machinery and equipment used in production</p> Signup and view all the answers

    What is the primary focus of Cambridge University Press's publications?

    <p>Education, learning, and research.</p> Signup and view all the answers

    Which of the following is NOT a factor of production?

    <p>Market</p> Signup and view all the answers

    What is the benefit of business activity for society?

    <p>Higher standards of living for individuals</p> Signup and view all the answers

    Which group primarily purchases consumer goods and services?

    <p>Consumers</p> Signup and view all the answers

    What describes the necessity for businesses to use scarce resources?

    <p>To satisfy the diverse needs of customers</p> Signup and view all the answers

    What characteristic of Pedro Mendes contributed to his ability to bounce back from setbacks?

    <p>Strong self-confidence</p> Signup and view all the answers

    What was one of the key reasons Pedro Mendes was successful in his flower business?

    <p>He innovatively filled a market gap</p> Signup and view all the answers

    Which of the following best describes a reason Kashaf Shaikh became an entrepreneur?

    <p>She saw an opportunity to fulfill consumer needs</p> Signup and view all the answers

    What is a common barrier to entrepreneurship that must be overcome?

    <p>High competition in every market</p> Signup and view all the answers

    What role does risk-taking play in entrepreneurship?

    <p>It is essential for achieving results</p> Signup and view all the answers

    How can Kashaf Shaikh maintain her business success as competitors enter the market?

    <p>By expanding her product offerings and services</p> Signup and view all the answers

    What was a significant risk that Pedro Mendes took when starting his business?

    <p>Using his personal savings for the business</p> Signup and view all the answers

    What quality is essential for entrepreneurs to face challenges in their business?

    <p>Resilience</p> Signup and view all the answers

    What is a key consideration for a business that offers a consumer service?

    <p>Location of the business</p> Signup and view all the answers

    What might a new business do to compete with established ones?

    <p>Offer a more unusual product</p> Signup and view all the answers

    What is essential for a new business to achieve long-term success?

    <p>Encouraging customer return visits</p> Signup and view all the answers

    What is one strategy Farah plans to use to differentiate her business?

    <p>Offering dressmaking lessons</p> Signup and view all the answers

    What was Farah's initial method of funding her new business?

    <p>Personal savings and bank loan</p> Signup and view all the answers

    Which location did Farah choose for her business?

    <p>An out-of-town location</p> Signup and view all the answers

    What aspect of starting a business surprised Farah?

    <p>The documentation requirements</p> Signup and view all the answers

    Why may a newly established business struggle initially?

    <p>Lack of a customer base</p> Signup and view all the answers

    What is the main reason for about 95% of Indian companies being private limited companies?

    <p>Limited liability for owners</p> Signup and view all the answers

    Which sector focuses on the extraction of natural resources?

    <p>Primary sector</p> Signup and view all the answers

    What type of company could benefit from trading shares to raise capital?

    <p>Public limited company</p> Signup and view all the answers

    In which sector do services such as hospitality and healthcare fall?

    <p>Tertiary sector</p> Signup and view all the answers

    Which country has the highest percentage of its workforce in the tertiary and quaternary sectors according to the data?

    <p>United Kingdom</p> Signup and view all the answers

    Which economic sector involves manufacturing and industrial activities?

    <p>Secondary sector</p> Signup and view all the answers

    What trend is observed in the primary sector's importance in Ghana from 2008 to 2019?

    <p>Decreased significantly</p> Signup and view all the answers

    What is a characteristic of the quaternary sector?

    <p>Research and development activities</p> Signup and view all the answers

    Study Notes

    Business Activity and Resources

    • Businesses are organisations that transform resources to meet customer needs.
    • The production of finished goods involves adding value to resources at various stages, making them more desirable to consumers.
    • Businesses identify customer needs, purchase necessary resources, produce goods and services aiming to make a profit.
    • Resources used by businesses called factors of production can be classified into four categories: land, labor, capital, and enterprise.
    • Land encompasses natural resources, such as coal, oil, and timber.
    • Labor comprises the skilled and unskilled workforce.
    • Capital includes financial resources and manufactured resources used in production, like factories, computers, and vehicles.
    • Enterprise involves the initiative and coordination provided by risk-taking entrepreneurs who combine other factors of production.

    Characteristics of Successful Entrepreneurs

    • Successful entrepreneurs possess self-confidence and the ability to bounce back from setbacks.
    • They are risk-takers, often investing their own savings in their business ventures.
    • Innovation is crucial for success, as offering the same goods or services as existing businesses may not guarantee profitability.

    Barriers to Entrepreneurship

    • New businesses face challenges in establishing their location.
    • Competition from established businesses with greater resources and market knowledge presents a significant hurdle.
    • Building a customer base quickly is essential for survival and long-term success.
    • Good customer service, including personalized attention, knowledgeable pre- and after-sales support, and fulfilling unique customer requests, can help overcome these obstacles.

    Economic Sectors

    • Business activity can be classified into four broad categories: primary, secondary, tertiary, and quaternary sectors.
    • The primary sector involves extracting raw materials from nature, such as mining and agriculture.
    • The secondary sector transforms raw materials into finished goods, like manufacturing and construction.
    • The tertiary sector provides services to businesses and consumers, including retail, finance, and tourism.
    • The quaternary sector encompasses research and development, information technology, and knowledge-based industries.
    • The relative importance of these sectors in different economies varies, influenced by the level of industrialization.
    • The balance of sectors shifts over time, with some sectors gaining prominence while others decline.
    • For example, the importance of the primary sector in Ghana decreased between 2008 and 2019, while the secondary sector grew.

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    Description

    This quiz explores key concepts related to business activities, resource utilization, and the characteristics of successful entrepreneurs. Dive into the factors of production and understand what makes an entrepreneur thrive in the business environment. Test your knowledge on how businesses create value and meet customer needs.

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