10 Questions
What is the primary purpose of a business?
To combine factors of production and satisfy people's wants and needs
What does 'business activity' refer to?
The actions a company takes to make products or services
Which factor of production refers to the physical space used for commercial activities?
Land
What is meant by 'Labour' in the context of a business?
People working for you
Which factor of production includes things like money and machinery?
Capital
What is the difference between needs and wants?
Needs are essential for survival, wants are not essential
What is the main difference between goods and services?
Goods are tangible, services are intangible
Who would be considered a stakeholder in a business?
Employees, managers, and society along with several others
What is one of the major types of business objectives related to increasing output with minimal input?
Profit maximisation
What does market share measure?
The percentage of total market sales achieved by a business
Test your knowledge of business activity and factors of production with this quiz. Explore the purpose of a business, business activities, and the factors of production such as land, labor, capital, and enterprise.
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