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Business Activity and Factors of Production Quiz

10 Questions

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Business Activity and Factors of Production Quiz

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Questions and Answers

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?

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?

Labour

Land (correct)

Capital

Enterprise

What is meant by 'Labour' in the context of a business?

People working for you Signup and view all the answers

Which factor of production includes things like money and machinery?

Capital Signup and view all the answers

What is the difference between needs and wants?

Needs are essential for survival, wants are not essential Signup and view all the answers

What is the main difference between goods and services?

Goods are tangible, services are intangible Signup and view all the answers

Who would be considered a stakeholder in a business?

Employees, managers, and society along with several others Signup and view all the answers

What is one of the major types of business objectives related to increasing output with minimal input?

Profit maximisation Signup and view all the answers

What does market share measure?

The percentage of total market sales achieved by a business Signup and view all the answers