Business Environment Mastering

Question 1

GOODS

Answer 1

Physical objects that a business sells to its customers

Question 2

SERVICES

Answer 2

Non-physical products: activities that a business carries out for its customers

Question 3

PRODUCTS

Answer 3

Goods and services

Question 4

CONSUMER DURABLES

Answer 4

Goods that last for several years and are used a large number of times

Question 5

SINGLE USE GOODS

Answer 5

Goods or services that are only used once

Question 6

NEEDS

Answer 6

They are essential for survival: food, water, shelter, clothing and warmth

Question 7

WANTS

Answer 7

They are not essential for survival, but we like to have them

Question 8

ENTREPRENEUR

Answer 8

Someone who is willing to take the risk of setting up his/her own business

Question 9

ENTERPRISE

Answer 9

The willingness to take risks, show initiative and take on new ventures

Question 10

PUBLIC SECTOR

Answer 10

Organisations that are owned by The State and run by The Government.

Question 11

PRIVATE SECTOR

Answer 11

Organisations that are not owned by The State, including sole traders, partnerships and limited companies

Question 12

PRIVATISATION

Answer 12

The process of selling a public sector organisation to the private sector by changing it into a public limited company.

Question 13

PRIMARY SECTOR

Answer 13

All activities that obtain natural resources; e.g. farming, mining, fishing, forestry and obtaining water

Question 14

SECONDARY SECTOR

Answer 14

All manufacturing and construction activities that create finished goods

Question 15

TERTIARY SECTOR

Answer 15

Selling finished goods and providing services.

Question 16

CHAIN OF PRODUCTION

Answer 16

The stages through which a product passes before being sold to a consumer