autmn 1

Question 1

profit

Answer 1

finacial gain

Question 2

private sector

Answer 2

part of economy controlled or owned by individuals or companies for profits

Question 3

public sector

Answer 3

part of economy contolled by goverment

Question 4

entrepeneur

Answer 4

indivual who has an idea for a new business and takes the finicial risk to start it and manage it

Question 5

private

Answer 5

buisness make prosit to surivivep

Question 6

public

Answer 6

porviding esssential service

Question 7

privitiastion

Answer 7

Company previously state owned now private

Question 8

nationlisation

Answer 8

company previously private owened now state

Question 9

av branding

Answer 9

When the brand adds value despite product being the same

Question 10

service quality

Answer 10

catered service which helps the customer adding value

Question 11

product features

Answer 11

rare/ new features which increase the price more than the cost of product

Question 12

convenience

Answer 12

if the product is convenient for customer adds value`

Question 13

primary sector

Answer 13

first stage of production extraction of raw materials

Question 14

secondary sector

Answer 14

raw materials manufactured into finished products

Question 15

tertiary

Answer 15

final stage service/product provided for customer

Question 16

opportunity cost

Answer 16

product sacrficed so other product can be aquired

Question 17

capital

Answer 17

Capital is the money used to build, run, or grow a business.

Question 18

enterpise

Answer 18

people who start a business

Question 19

labour

Answer 19

number of people avilable to work

Question 20

land

Answer 20

natural rescoures

Question 21

factors of production

Answer 21

rescources needed for goods and service

Question 22

needs

Answer 22

essentials to live

Question 23

wants

Answer 23

things to help you live life enjoying it

Question 24

scarictity

Answer 24

lack of products

Question 25

adding value

Answer 25

additional value added to product