Transforming Resources into Goods and Services

Question 0

Value Added

Answer 0

The value of finished goods over and above the cost of 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

Factors of production

Answer 2

Land, labour, capital and enterprise. These are the inputs used in business processes

Question 3

Production/ Transformation

Answer 3

The processing 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

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

Answer 6

Businesses responsible for turning raw materials and/or components into finished goods

Question 7

Tertiary Sector

Answer 7

Businesses responsible for providing services eg. retail, tourism, hospitality

Question 8

Unique Selling Point

Answer 8

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