Which of the following is a characteristic of goods?
Tangible
Intangible
Volatile
Inseparable
A factor of production which includes the effort or work provided by people.
Land
Labour
Capital
Enterprise
Items we must have in order to live.
Needs
Wants
Goods
Services
Production that uses a high proportion of capital compared with labour.
Capital intensive production
Labour intensive production
Machinery intensive production
Human intensive production
Production that uses a high proportion of labour compared with machinery and equipment is called
Business owned and run by the government.
Private enterprises
Public enterprises
Non profit making organisation
Small scale enterprises
Which of the following include charities and voluntary organisation?
Micro enterprises
Which of the following is a characteristic of services?
Separable
A source or supply from which an organization gains profit.
Resource
Material
What is meant by added value?
The increase in the selling price of the product
The amount of money spend on advertising the goods
Difference between total cost of production and selling
Difference between selling price and cost of raw materials
