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?

  • 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?

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

    What is the most important extractive industry in Malawi?

    <p>Agriculture or farming</p> Signup and view all the answers

    What is an example of an extractive industry in Malawi?

    <p>Tea-picking in Thyolo and Mulanje districts</p> Signup and view all the answers

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

    <p>A managing director</p> 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?

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

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

    <p>All of the above</p> Signup and view all the answers

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

    <p>To engage in the production of goods and services</p> Signup and view all the answers

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