Needs and wants

Question 1

Whats a resource

Answer 1

Something that can be used

Question 2

Whats need

Answer 2

things that individuals MUST have to sustain life

Question 3

Whats want and its problem

Answer 3

things that individuals would like to have but are NOT NECESSARY to survival
It is unlimited

Question 4

Whats scarcity

Answer 4

problem of limited means against unlimited wants

Question 5

What are 4 factors of production

Answer 5

Land, Labour, Capital(money or machine), Enterprise(skill and knowledge of making the other 3 work)

Question 6

What are the 3 choices businesses have to make

Answer 6

What to produce
How to produce it
Who to produce it for

Question 7

Whats oportunity cost

Answer 7

the options we have not chosen or second best option

Question 8

Whats producer

Answer 8

Uses resouces to create goods and services

Question 9

Whats Consumer

Answer 9

Person who purchases products produced by the producer

Question 10

Goods

Answer 10

Objects with physical presence that fulfill wants or needs

Question 11

Free goods

Answer 11

An vastly abundant resource that’s not a contraint on economic activity( air sunshine)

Question 12

Economic goods

Answer 12

Products that are scarce and have cost

Question 13

Consumer good

Answer 13

Goods that are consumed by the consumers rather than by manufactureers for producing other goods

Question 14

Capital(producer) goods

Answer 14

Used in making other goods

Question 15

Services

Answer 15

Action of helping or doing work for someone

Question 16

Purpose of business activities

Answer 16

Satisfy demand?meet the needs and wants of the consumer

Question 17

Whats statisfying demand

Answer 17

Being able to sell something at a price that the consumer is willing and able to pay for

Question 18

Whats added value

Answer 18

Actual amount more achieved between the cost of the materials and selling price

Question 19

Difference between added value and profit

Answer 19

profit considers other factors other than the cost of the material

Question 20

Whats creating value

Answer 20

Using skills to manipulate materials into something that consumer will pay more for than the original cost of the materials

Question 21

Ways of creating value

Answer 21

Packaging
Advertising
Logos
Design

Question 22

What is specialisation

Answer 22

When businesses or individuals concentrates on whtat they are best

Question 23

5 benefits of specialisation within businesse

Answer 23

• Businesses can become known for producing a particular product and can become the leader for that product
• You can charge more for a specialist product you produce
• Businesse can easily specialise with the production of equipment that lets them do specialist jobs
• incresed output
• less waste of time and materials

Question 24

A benefit of specialisation for employee

Answer 24

Worker can expect higher wage with a special skill

Question 25

Disadvantages of specialisation

Answer 25

• If a specialist is absent, who can replace him or the process fail
• Workers can become bored doing same tasks over and over