1.1 what is business?

Question 1

Adding value

Answer 1

:the practice of producing a G or S that is worth more than the cost of the resources used in the production process.

Question 2

Businesses

Answer 2

:organisations involve ing the production of Gs and/or provision of Ss

Question 3

Consumers

Answer 3

consumers are the people or organisation that buys the product

Question 4

Entrepeneur (s)

Answer 4

An entrepreneur is an individual who plans, organises, and manage a business, taking finacial risk in doing so.

Question 5

Entrepreneurship

Answer 5

:entreprenurship is the management, organization and planning of the other three factors of production. the success or failure of a business rests on the talents and decisions of the entrepreneur.

Question 6

Goods

Answer 6

:Goods are physical products produced and sold to customers, such as laptop, books , contact lens, perfume and children’s toy.

Question 7

Needs

Answer 7

:Needs are the basic necessities that a person must have to surviv, including food, water , warmth, shelter and clothing.

Question 8

Primary sector

Answer 8

:Primary sector refers to businesses involved in the cultivation or extraction of natural resources, such as farming, mining, quarrying, fishing, oill exploration and forestry.

Question 9

Production

Answer 9

:production is the process of creating goods and/ or services adding value in the process.

Question 10

Quaternary sector

Answer 10

Quaternary sector is a sub- category of the tertiary sector, where business are included in intellectual and knowledge based activities that generate and share information, such as research organizations

Question 11

Secondary Sector

Answer 11

Secondary sector refers to business concerned with the construction and manufacturing of products.

Question 12

Services

Answer 12

services are intangible products sold to the customers, such as the services provided bby airlines, restaurants, cinemas, banks, health, and beauty spas, schools and hospitals.

Question 13

Tertiary sector

Answer 13

:Tertiary sector refers to businesses involved with the provision of services to customers

Question 14

Wants

Answer 14

A want is something that is not required to survive

Question 15

What is a business?

Answer 15

A organization that provides goods or service in exchange of money.

Question 16

How do goods & services differ from each other?

Answer 16

A good is a tangible item while service is a non tangible item

Question 17

How do customers & consumers differ from each other?

Answer 17

Customers are poeple who purchase the good or the service while the consumer is just the pople who uses it.

Question 18

What are the four functional business sectors of the economy?

Answer 18

primary, secondary, teriatry and quaterary.

Question 19

How does a business add value to its goods & service?

Answer 19

A business can add value to its good or services just by selling it higher than the cost price.

Question 20

What is meant by the chain of production?

Answer 20

Chain of productions is the steps which is needed to turn the raw materials into the final product to be used by the consumers.

Question 21

What are the main challenges for business start ups?

Answer 21

The startup cost, stable funding sources and competitions in the market.

Question 22

what are the main opportunities for business start-up?

Answer 22

Franchising, competitive opportunities.