Chapter 1 Business Activity (Pre AICE)

A need is a good or service which is essential to living. However, a business need is capital, labor, land & enterprise.

When thinking about goods and services, are these Streaming Apps tangible or intangible?

______ is defined as "people and businesses concentrate on what they are best at."

What term is defined as the benefit that could have been gained from an alternative use of the same resource?

What is the purpose and nature of business activity?

_______ are physical goods, such as machinery and delivery vehicles...to help produce other goods and services.

Which is not a Factor of Production?

Overall, schools provide goods instead of services to students.

In the division of labor, who is not part of the labor force?

Consumer services are "non-tangible products such as insurance, services, transport."

When thinking about goods and services, is this tangible or intangible?

A hotel is an example of a service.

Scarcity in business is defined as not having enough goods and services to meet the wants of the consumers.

An economic problem for business is having limited wants with unlimited resources.

Which is associated with the business term captial?

Which is an example of how a business adds value?

Coca-Cola and Sony use huge sums of money on advertising and other promotional activities.

___________ is a graph that shows the maximum output of two products that can be produced using limited resources.

Consumer goods are "products which are sold to the final consumer."

Which is an objective for Business activity?