Business Knowledge Quiz: FA3, Occupation and Specialization

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What is the primary role of an entrepreneur in a business?

To manage the business and co-ordinate the factors of production (correct)

To extract raw materials from nature

To manufacture finished goods

To provide labour

What is an example of human capital as a factor of production?

A mineral deposit

A machine used in a factory

A plot of land used for farming

A managing director's skills and experience (correct)

What type of industry involves converting raw materials into finished goods?

Primary industry

Extractive industry

Service industry

Manufacturing industry (correct)

What is the term used to describe the physical assets available for present use in the production of goods and services?

Capital Signup and view all the answers

What is the most important extractive industry in Malawi?

Agriculture or farming Signup and view all the answers

What is an example of an extractive industry in Malawi?

Tea-picking in Thyolo and Mulanje districts Signup and view all the answers

Who is an example of labour as a factor of production?

A managing director Signup and view all the answers

What is the term used to describe the natural resources available for use in the production of goods and services?

Land Signup and view all the answers

What is an example of a mineral deposit identified in Malawi?

All of the above Signup and view all the answers

What is the primary role of labour as a factor of production?

To engage in the production of goods and services Signup and view all the answers

Business Knowledge Quiz: FA3, Occupation and Specialization

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Questions and Answers

What is the primary role of an entrepreneur in a business?

What is an example of human capital as a factor of production?

What type of industry involves converting raw materials into finished goods?

What is the term used to describe the physical assets available for present use in the production of goods and services?

What is the most important extractive industry in Malawi?

What is an example of an extractive industry in Malawi?

Who is an example of labour as a factor of production?

What is the term used to describe the natural resources available for use in the production of goods and services?

What is an example of a mineral deposit identified in Malawi?

What is the primary role of labour as a factor of production?

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