What are the 4 factors of production?

Land, labour, capital, enterprise

Secondary production is...

the manufacturing and assembly process

What is the main aim of innovation?

To improve efficiency, effectiveness or competitive advantage of a business

Why is it important for companies to innovate?

To create value, increase efficiencies, and be more competitive

What is international trade?

The exchange of goods and services between different countries

What are the 4Ps of the Marketing Mix?

Price, place, product, promotion

What are the risks if businesses fail to innovate?

Product going obsolete, Loss of market share

What are the sectors found in a circular flow model?

Consumers, producers, governments, banks, overseas

What is the role of a producer in business?

To make goods or provides services

What does a Circular Flow Model demonstrate?

How money moves through society

A government's core economic objective should include:

Low unemployment, economic growth, and low inflation

What are the four main consumer needs that an entrepreneur or small business must consider?

Price, quality, choice, and convenience

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Year 10 Business - Term 1 Recap

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Questions 25

Answers

1
The economy relates to all activities in a country concerned with manufacturing, distribution & use of goods & services.
True
False
2
How does the economy affect businesses?
All of the these
It affects exchange rates
It affects consumer income
It affects unemployment
3
What are the 4 factors of production?
Land, labour, capital, brand management
Labour, land, enterprise, marketing
Land, source of funds, labour, capital
Land, labour, capital, enterprise
4
Secondary production is...
extractive production
refers to the commercial services that support production & distribution
a time-bound production process
the manufacturing and assembly process
5
What is the main aim of innovation?
To upskill a companies staff so they can easily find employment elsewhere.
To ensure a company stays true to their original product ideas & concepts.
To maintain an organizational social status.
To improve efficiency, effectiveness or competitive advantage of a business
6
Coca-Cola's "Share a Coke campaign" is an example of...
Channel and brand innovation
Channel and structure innovation
Product and structure innovation
Brand and profit model innovation
7
Why is it important for companies to innovate?
To provide product insights to their competitors
To contribute to academic research
To ensure there is an equal distribution of revenue with their competitors
To create value, increase efficiencies, and be more competitive
8
Primary production involves...
the main step in the production process
acquiringraw materials
a production process unique to manufacturing
Importation of goods and services
9
What is international trade?
The exchange of goods and services between different countries
Student exchange programs between partner universities
The freedom of consumer travel between countries
The strength of currencies between countries
10
What is GST?
Golf, Surfing, & Tramping
General Staff Target
Ground Support Terminal
Goods & Services Tax
11
What are the 4Ps of the Marketing Mix?
Price, place, product, promotion
Price, production, promotion, place
Price, promotion, pace, product
Price, product, place, point of Sale
12
Which one of these commodities can be regarded as a significant NZ export product?
All of the above
Furniture
Apples
Grapes
13
New Zealand exporters benefit from an appreciation of the NZ dollar.
False
True
14
What are the factors of innovation in business?
Innovation is the implementation of a new product, process or service
All of the above
Innovation is the development of a new product, process or service.
Innovation is the creation of a new product, process or service
15
An appreciation in the value of the NZ dollar means we can buy more of another currency.
True
False
16
What are the risks if businesses fail to innovate?
Improvements in product design
All of the above
Product going obsolete
Loss of market share
17
What are the sectors found in a circular flow model?
Traders, commodities, foreign exchange
Consumers, producers, governments, banks, overseas
Supply, demand, equilibrium
Consumers, producers, marketers, financiers
18
The main types of government tax are income tax, goods and services tax, company tax, ACC levy, and local council rates.
True
False
19
If New Zealand has a trade surplus, it means we export more than we import.
True
False
20
How much is GST in New Zealand?
12%
None of these
12.5%
15%
21
New Zealand importers benefit from an appreciation of the NZ dollar.
False
True
22
What is the role of a producer in business?
To facilitate business activities across all departments
To decide which movies to present to production companies
To make goods or provides services
To build relationships with business partners
23
What does a Circular Flow Model demonstrate?
The flow of labour between countries
The forces and direction of circular motions
How money moves through society
The cyclical nature of the rate of exchange
24
A government's core economic objective should include:
High levels of literacy and affordable housing
Free healthcare and accessible education
Low unemployment, economic growth, and low inflation
Extradition agreements with a wide variety of nations
25
What are the four main consumer needs that an entrepreneur or small business must consider?
Price, quality, durability, and profitability
Price, choice, manufacturing costs, and quality
Price, quality, choice, and convenience
All of these

Year 10 Business - Term 1 Recap Flashcards | StudBud