Transforming Resources Into Goods And Services

Question 0

Added Value

Answer 0

The value of making finished goods over and above the cost of the inputs used to make them

Question 1

Adding value

Answer 1

The process of making finished goods/final services worth more to the customer than the sum of inputs

Question 2

Resources/Inputs/Factors of Production

Answer 2

Land, labour, capital and enterprise. These are the inputs used to make them

Question 3

Production or Transformation

Answer 3

The process of raw materials or components into finished good outputs which meet customer needs

Question 4

Output

Answer 4

The finished goods or services that are achieved by the transformation of inputs

Question 5

Primary sector/Industry

Answer 5

Businesses at the start of the chain of production which extract raw materials or natural resources from the land

Question 6

Secondary Sector/Industry or Manufacturing

Answer 6

Businesses reaponsible for turning raw materials or components into finished goods

Question 7

Tertiary Sector/Industry

Answer 7

Businesses responsible for providing services e.g. Retail, tourism, hospitality. The largest sector in the UK

Question 8

Unique Selling Point

Answer 8

A feature that distinguishes a firm’s good/service from those of its competitors