Economics and Business

Question 1

Producers

Answer 1

an individual or business involved in the production of goods and services

Question 2

Consumers

Answer 2

a person or group who is the final user of goods and services produced within an economy

Question 3

Employees

Answer 3

people who work for a wage or salary

Question 4

Needs

Answer 4

goods or services that consumers consider necessary to maintain their standard of living

Question 5

Wants

Answer 5

goods or services that are desired in order to provide satisfaction to the user, but which are not necessary for survival or to meet the basic standard of living in a community

Question 6

Goods

Answer 6

physical items that satisfy needs and wants

Question 7

Services

Answer 7

actions done for you by others to satisfy your needs and wants

Question 8

Labour

Answer 8

the human skills and effort required to produce goods and services

Question 9

Wellbeing

Answer 9

an overall measure of quality of life

Question 10

Profit

Answer 10

what remains after all business expenses have been deducted from the money that has been collected from selling goods or services

Question 11

percentage mark-up

Answer 11

a way of determining selling price by adding a fixed percentage to the cost of the product

Question 12

Quote

Answer 12

an estimate of the costs involved in an individual job, plus a certain amount so the business makes a profit

Question 13

Entrepreneur

Answer 13

a person who takes on a risk by starting a business with an idea, hoping to make a profit through initiative and enterprise

Question 14

niche market

Answer 14

a market in which a limited and clearly defined range of products is sold to a specific group

Question 15

target market

Answer 15

a market at which a product is deliberately aimed

Question 16

Vision

Answer 16

a statement expressing where a business is going or what it will be like

Question 17

Initiative

Answer 17

the first step or opening move in a series of actions

Question 18

Organisation

Answer 18

an entity formed for a specific purpose, usually related to the production or provision of a good or service

Question 19

Innovation

Answer 19

either adding a new product to an existing product line, or significantly improving an existing product or process

Question 20

Enterprise

Answer 20

the creative or bold efforts made by someone to achieve something new

Question 21

passing trade

Answer 21

the sales a business makes as a result of customers walking or driving past the store