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Business Key Terms Flashcards | StudBud

Explore/Business Key Terms

Business Key Terms

10 terms·StudBud Administration·772 plays

A #business key terms test for #gcse business in the real world

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Questions 10

Answers

1
Opportunity cost is
The amount a business spends
An amount that has to be paid in order to get something
The cost of making one choice at the expense of another
The opportunity to increase the price of a product
2
A business is an organisation where ____ or ____ are exchanged for money
profits or goods
needs or wants
profits or services
goods or services
3
Who does not operate in the primary sector?
miner
fisherman
dress maker
farmer
4
An entrepreneur is a person who
all of the above
identifies business opportunities
is innovative
takes calculated risks to start up a business
5
What is an example of a business operating in the secondary sector?
Hairdresser
Car manufacturing plant
Tesco
6
Raw materials are manufactured into goods in the
public sector
primary sector
secondary sector
tertiary sector
7
Someone might set up a business to
fulfil a business opportunity
all of the above
be their own boss
provide a good or service which benefits others
8
What is a service?
Something you need
A product
Activities that you receive (intangible)
Something you can touch
9
The tertiary sector involves
the delivery of services to customers and businesses
the manufacturing of raw materials
the extraction of natural resources
10
A physical product that is designed by a business and sold to customers is known as a
service
want
need
good