The economy is divided into different business sectors and the businesses within them exist to provide goods or services. All businesses have inputs and outputs and must add value during production.
What is an example of a service?
A bus journey
A bus stop
Cherry is a professional DJ. Which of the following is most likely to be a supplier to her business?
A hotel hiring her services
A record store
Customers at a nightclub
When does a business add value?
When revenue is greater than production costs
When revenue equals production costs
When revenue is less than production costs
Which industry sector is an advertising agency part of?
The primary sector
The secondary sector
The tertiary sector
What is the individual who buys a product called?
What is a business start up?
A new firm operating in a market for the first time
The time a shop opens
A firm that has been operating in a market for several years
Which industry sector are raw materials a part of?
What is a car an example of?
Which of the following describes the money going into a business?
What is an example of firms relying on suppliers?