1) Basic needs are a) Food, water, shelter, clothing b) Food, water, education 2) Which would best describe a good a) An intangible object  b) Something that is provided for you c) A tangible object 3) A durable good is a good which (choose 2) a) Is long lasting b) can be used several times c) is used up quickly d) can only be used once 4) The factors of production are a) Land b) People c) Labour d) Capital e) Competition f) Enterprise 5) Why might someone start their own business a) To be their own boss b) Because there is little employment c) To develop a hobby or skill d) To make money 6) The advantages of being a sole trader is a) You can keep all the profits b) You share all the profits c) You can make all the decisions d) It is easy to set up 7) Disadvantages of being a sole trader a) You are responsible for any debt the business goes into b) You keep all the profits c) You might need to work long hours

S1 Business (Business Basics)

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