Which of the following is a good or service which people would like to have, but which is not essential for living?
Need
Factors of production
Want
Demand
Who is the owner of a business?
Entrepreneur
Labour
Producer
Debtor
Which term is used to cover all of the natural resources?
Land
Capital
Enterprise
Which of the following are needed to pay a return to the owners of the business?
Profit
Revenue
Factors of production are in:
Unlimited wants
Limited in supply
Unlimited supply
Limited demand
Division of labour is known as:
Specialisation
Both 1 & 2
Chain of command
Which of the following are those resources needed to produce goods or services?
Limited resources
The difference between the selling price of a product or service and the cost of bought in materials and components.
Value added
Growth
Survival
Cost of production