Through production,(1) consumers’ needs are fulfilled. (2) consumers’ wants are fulfilled.(3) needs and wants are fulfilled. (4) resources are used to fulfill consumers’ needs.(5) consumers’ standard of living would increase by increasing consumers’ income. (……..)02. Characteristics of business and business activities are given below.A – Fulfillment of needs and wantsB – Motivated by profitC – Existence riskD – Adding value to resourcesE – An economic activity(1) A, B, C (2) B, C, E (3) B, G, E(4) A, D, E (5) B, C, D03. The first stage of business evolution is,(1) personal specialization (2) industrial revolution (3) barter system(4) direct production (5) use of money04. Production sectors and their contents are given in column X and Y respectively in the following table.X YA – Agricultural sectorB – Industrial sectorC – Service sector1. Livestock production2. Frostry works3. Waste management4. Information and communication5. Water treatment and supply6. Dwelling and property businessSelect the answer which correctly matches the production sectors in the column X and their contents incolumn Y.(1) A – 1, 3 B – 2, 5 C - 4, 6 (2) A – 1, 3 B – 2, 4 C – 5, 6(3) A - 1, 2 B – 3, 5 C – 4, 6 (4) A – 1, 4 B – 2, 3 C – 5, 6(5) A – 1, 3 B – 2, 6 C – 4, 5

Through production,(1) consumers’ needs are fulfilled. (2) consumers’ wants are fulfilled.(3) needs and wants are fulfilled. (4) resources are used to fulfill consumers’ needs.(5) consumers’ standard of living would increase by increasing consumers’ income. (……..

The various methods used to fulfill physical and mental conditions essentially to be fulfilled by humanare,(1) needs (2) wants (3) values(4) demand (5) goods (……)02. Which of the following is a classification of businesses based on ownership?(1) Primary businesses (2) Industrial sector (3) Public sector(4) Not-for-profit (5) Franchise businesses (……)03. Which of the following is not relevant for contribution of businesses for survival of economy?(1) National economic development (2) Generating employment opportunities(3) Innovation (4) Satisfying complex wants(5) Market expansion (……)04. Production sectors and some of their contents are given in column X and column Y respectively in thefollowing table.Column X Column Y1 – Primary production2 – Secondary production3 – Tertiary productionA – Information communication activitiesB – ManufacturingC – LivestockD – Dwelling and property businessE – Mining and quarryingF – Construction industrySelect the answer which contains the correct matching of column X and column Y.(1) 1 – C, E / 2 – B, F / 3 – A, D (2) 1 – A, B / 2 – C, D / 3 – E, F(3) 1 – A, E / 2 – B, D / 3 – E, F (4) 1 – C, E / 2 – B, F / 3 – A, D(5) 1 – B, C / 2 – D, E / 3 – A, F (……)

Describe what consumption means in an economic context.

Which of the following needs pertains to the intended performance of a product or service?Multiple ChoiceNeed recognitionFunctional needsDemographic needsPsychological needsCultural needs

Business is an economic activity.2. It includes the activities of production or purchase and distribution.3. It deals in goods and services.4. It implies regularity of transactions.5. It aims at earning profits through the satisfaction of customer wants,6. It involves risk, it is not certain that adequate profit will be earned.7. It creates utilities.8. It serves a social purpose by improving people’s standard of living.