5 Questions
What are economic resources also known as?
Economic resources are also known as factors of production.
What is the purpose of business activity?
The purpose of business activity is to identify and satisfy the needs and wants of the people with the overall aim of earning profit.
What are the four factors of production?
The four factors of production are land, labor, capital, and entrepreneurship.
What is the reward for land?
The reward for land is rent.
What is the reward for labor?
The reward for labor is a wage/salary.
Test your knowledge on the purpose of business activity in this AS & A Level Business and IT's Environment quiz. Explore the concepts of identifying and satisfying needs, earning profit, and producing goods and services to meet basic needs.
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