Unit 1

Question 1

Premises

Answer 1

Buildings and land used by a shop or business

Question 2

Business

Answer 2

Organisation that produces goods and services.

Question 3

Organisation

Answer 3

Group, such as a club or business, that has formed for a particular purpose

Question 4

Goods

Answer 4

Physical products, such as a mobile phone, a packet of crisps or a pair of shoes

Question 5

Services

Answer 5

non-physical products, such as banking, car washing and waste disposal

Question 6

Output

Answer 6

Amount of goods or work produced by a person, machine or factory

Question 7

Human Resources (HR)

Answer 7

In some businesses, the department that deals with employing, training and helping people

Question 8

Consumer Goods

Answer 8

Goods and services sold to ordinary people (consumers) rather than businesses

Question 9

Example of Consumer Goods (Goods)

Answer 9

Smartphone, Chips, Magazines, Computer Games, Handbag

Question 10

Example of Consumer Goods (Services)

Answer 10

Health care, Banking, Air travel, Education, Garden design

Question 11

Producer Goods

Answer 11

Goods and services produced by one business for another

Question 12

Example of Producer Goods (Goods)

Answer 12

Delivery van, Office furniture, Tools, Sugar cane, Tractor.

Question 13

Example of Producer Goods (Services)

Answer 13

Market research, insurance, software design, printing, industrial cleaning.

Question 14

Needs

Answer 14

Basic requirements for human survival. Needs are finite.

Question 15

Example of Needs

Answer 15

water, food, warmth, shelter and clothing

Question 16

Wants

Answer 16

People’s desires for goods and services. Wants are infinite.

Question 17

Example of Wants

Answer 17

Holidays, a better house, a bigger car, a better education and a cleaner environment.

Question 18

Infinite

Answer 18

without limits in space or time

Question 19

Finite

Answer 19

Having an end or a limit

Question 20

Scarce

Answer 20

Resources with limited availability

Question 21

Private sector

Answer 21

Business organisations owned by individuals or groups of individuals

Question 22

Public sector

Answer 22

Business organisations owned by central or local government

Question 23

Stakeholder

Answer 23

An individual or group with an interest in the operation of a business

Question 24

Entrepreneur

Answer 24

Person who takes risks and sets up businesses; individual who organises the other factors of production and risks their own money in a business venture