Business Managment

Question 1

What is the role of a business in a society

Answer 1

A business is an organisation that makes, buys or sells goods or provides a service. All businesses aim to satisfy consumer needs and wants.

Question 2

What is a need

Answer 2

Needs are the basic requirements that are essential for survival such as food, water, clothing, shelter and warmth.

Question 3

what is a want

Answer 3

Wants are things we would like to have but don’t need to survive. These include luxuries such as mobile phones or holidays.

Question 4

What is a good

Answer 4

Goods are products that you can see and touch such as laptops, clothes or food.

Question 5

What is a service

Answer 5

Services are products that you cannot hold or touch such as public transport, a haircut or a visit to the cinema.

Question 6

What are the 4 Factors of production

Answer 6

Land,Labour Capital and Enterprise

Question 7

The first factor of production is Land, what does this mean

Answer 7

Are all the natural resources/raw materials such as water, farmland or fields.

Question 8

The second Factor if production is Labour what does this mean

Answer 8

The workforce used to produce a product or provide a service such as builders, teachers or plumbers

Question 9

The

Answer 9

The man-made resources used to produce a product or provide a service such as machinery, tools, money or delivery trucks