Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the primary purpose of a business?
What is the primary purpose of a business?
- To exchange goods and services for money
- To combine factors of production and satisfy people's wants and needs (correct)
- To provide employment opportunities
- To make and sell products or services to earn money
What does 'business activity' refer to?
What does 'business activity' refer to?
- Exchanging goods and services for money
- Setting up a location for the business
- Selling products or services to earn money
- The actions a company takes to make products or services (correct)
Which factor of production refers to the physical space used for commercial activities?
Which factor of production refers to the physical space used for commercial activities?
- Labour
- Land (correct)
- Capital
- Enterprise
What is meant by 'Labour' in the context of a business?
What is meant by 'Labour' in the context of a business?
Signup and view all the answers
Which factor of production includes things like money and machinery?
Which factor of production includes things like money and machinery?
Signup and view all the answers
What is the difference between needs and wants?
What is the difference between needs and wants?
Signup and view all the answers
What is the main difference between goods and services?
What is the main difference between goods and services?
Signup and view all the answers
Who would be considered a stakeholder in a business?
Who would be considered a stakeholder in a business?
Signup and view all the answers
What is one of the major types of business objectives related to increasing output with minimal input?
What is one of the major types of business objectives related to increasing output with minimal input?
Signup and view all the answers
What does market share measure?
What does market share measure?
Signup and view all the answers
Flashcards are hidden until you start studying
