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Question 1

Explain basic needs

Answer 1

Basic needs:goods and services that we need to survive

Question 2

What are secondary needs

Answer 2

Secondary needs- Needs that are not essential but can improve our quality of life

Question 3

Name 2 items that are durable goods

Answer 3

Furniture and cars

Question 4

Name 2 items that are semi durable

Answer 4

Shoes and clothes

Question 5

Name 2 items that are non durable

Answer 5

Food and water

Question 6

What is a loss?

Answer 6

When you sell your product or service for less than what it costs you

Question 7

What is income

Answer 7

The total amount of money earned or recieved over periods of time

Question 8

What is a producer

Answer 8

People who manufacture goods or grow food for people to buy

Question 9

What is services

Answer 9

Intangible things which we buy to satisfy our needs and wants

Question 10

Asset

Answer 10

Valued possessions owned by the bussiness

Question 11

Formal business?

Answer 11

A registered bussiness that pays tax

Question 12

Name advantages of an informal bussiness

Answer 12

*it is easily started

*they don’t pay taxes

*needs little capital
*important role in recycling

*provides a means for unskilled workers

Question 13

Disadvantages of an informal bussiness

Answer 13

*lack of capital makes it difficult to start

*lower income

*no security for workers

*weather affects the bussiness