Business Activity and Purpose
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Questions and Answers

What is the purpose of business activity?

  • To minimize the use of scarce resources
  • To maximize the production of goods and services
  • To identify and satisfy the needs and wants of people with the aim of earning profit (correct)
  • To solely focus on meeting basic needs

    • Which factor of production refers to the intelligence of the workforce?

  • Labour (correct)
  • Capital
  • Enterprise
  • Land

    • What does the reward for land as a factor of production refer to?

  • Rent (correct)
  • Wage/salary
  • Profit
  • Interest

    • Which factor of production involves finance, machinery, and equipment?

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

    What refers to the skill and risk-taking ability of the person who brings together factors of production?

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

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