Utilities, such as electricity and water, are considered as part of the tertiary sector because

These are services being provided

The process of using factors of production to make products

Specialisation has many advantages but does not

Provide greater customer choice

Takes risks and organises the other factors of production

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111A676A11

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Questions 15

Answers

1
Utilities, such as electricity and water, are considered as part of the tertiary sector because
These are services being provided
They are required in the production of goods and services
These are extracted and not manufactured
The government owns them
2
Which is not usually part of the tertiary sector?
Retail
Banking
Tourism
Engineering
3
In production, the difference between the costs of inputs and the price received for outputs is
Sales revenue
Added value
Income
Profit or loss
4
Which does not belong in the primary sector?
Teaching
Forestry
Agriculture
Oil extraction
5
Which is not a factor of production?
Capital
Labour
Entrepreneurship
Finance
6
One of these is not a function of business
Marketing
Finance
Operations Management
Enterprise
7
Production is
Manufacturing goods and services in the secondary sector
The process of using factors of production to make products
The final stage of the manufacturing process
Any physical output that has value added
8
Increasing the value resources during production of goods and services is known as
Production function
Adding value
Production
Value function
9
If most output in the primary sector, most employment will be in the tertiary sector
True
False
10
Specialisation has many advantages but does not
Provide greater customer choice
Improve efficiency in a business’s operations
Develop workers’ skills or expertise
Increase output
11
As developing economies become developed, there is a change in employment and output from
Secondary to tertiary
Primary to tertiary
Primary to secondary
Secondary to primary
12
An entrepreneur
Is the main share holder
Takes risks and organises the other factors of production
Is either a sole trader or the main shareholder in a company
Manages production
13
'Product' refers to
Only services
Only manufactured goods
Only goods
Goods and services
14
Which is not a function of business?
Entrepreneurship
Human resource management
Finance
Operations Management
15
Resources used in production process are
Primary resources
Human capital resources
Factors of production
Working capital

111A676A11 Flashcards | StudBud