N5 1.1 Role of Business

Match the following sectors of industry to their definition

Match the appropriate factor of production to its definition.

A good is (a)   , which means it can be touched.

A service is (a)   , which means it cannot be touched.

A (a)   good is bought and can be used repeatedly. It is bought with the expectation it will last longer than three years.

A (a)   good is bought and can only be used once. It is bought with the expectation it will last less than three years.

Businesses exist to combine the ​ (a)   so they can ​ (b)   the wants and needs of ​ (c)   . They usually aim to do this ​ (d)   .

A private sector business is owned by ​ (a)   . The owners of the business get to make all big ​ (b)   . Private sector business aim to make a ​ (c)   . Private sector businesses are financed by the money put in by the ​ (d)   .

A public sector business is owned by the​ (a)   . Government ​ (b)   are elected and get to make the decisions. Public sector businesses are funded by ​ (c)   . They aim to ​ (d)   .

A third-sector business is owned by ​ (a)   . A ​ (b)   is responsible for making decisions for a third-sector business. Businesses in this sector are funded by ​ (c)   . Finally, they usually aim to ​ (d)   .