lesson 1 stuff to memorise

Question 1

what is ‘business activity’ ?

Answer 1

the process of producing goods and services to satisfy consumer demand

Question 2

what is a ‘need’ ?

Answer 2

a good or service which is essential for a living

Question 3

what is a ‘want’ ?

Answer 3

a good or service which people would like, but not essential for living

Question 4

what is an ‘economic problem’ ?

Answer 4

unlimited wants cannot be met because there are unlimited factors of production

Question 5

what are ‘factors of production’ ?

Answer 5

resources needed to produce goods and services

Question 6

what are the 4 factors of production ?

Answer 6

land, labour, capital and enterprise

Question 7

what are the types of goods and services ?

Answer 7

consumer goods, consumer service, and capital goods

Question 8

what are the ways of increasing added value ?

Answer 8

branding, excellent service quality, and convenience

Question 9

durable consumer goods

Answer 9

goods that can be used over and over again

Question 10

non durable consumer goods

Answer 10

goods that can only be used once