SECTION 1

Difference between selling price of a product and bought in materials and components is

Which is not a stage of economic activity

capital employed is the total value of capital used in a business

Shareholders are the owners of a limited company

Which is not a characteristic of a successful entrepreneur

Good or service essential for living

Occurs when people concentrate on what they are best at

Economic problem is when there exists unlimited wants but limited resources to produce the goods and services

Public limited company is owned by the government

Document containing business objectives and details of a business

Which is not an example of external growth

Secondary sector involves provision of services to consumers

Which one is not a factor of production

A want is a good or service which people would like to have, but is not essential for living

A person who organises, operates and takes the risk for a new business venture

External growth is when a business expands its existing operations

Money invested into a business by owners

Lack of sufficient products to fulfill the wants of the population

The next best alternative given up by choosing another item

The government does not encourage entrepreneurship

Mark Zuckerberg is an entrepreneur

Production process split up into different tasks, workers perform one task

Economy with both public and private sector

A business owned by one person

Primary sector involves extraction of raw materials