NATIONAL 5 BUSINESS MANAGEMENT
COMPLETE STUDY GUIDE PRACTICE
QUESTIONS AND REVISION NOTES
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales Included
, Wants Goods that are purchased to add comfort or pleasure to life
Durable Good Items with lasting value, the purchase of which is considered a form of savings
Non-Durable Good goods that last a short period of time, such as food, light bulbs, and sneakers
Service intangible things of value (haircuts, maid service, laundry, education, etc.)
Land Any natural resource provided by nature and used in the production process
Labour productive work (especially physical work done for wages)
Capital Man made resources used to make a product
Enterprise Combining the Factors of Production
Factors of Production Land, Labour, Capital and Enterprise
Added Value The increase in worth of a product or service as a result of a particular activity.
Primary Sector The part of the economy that produces raw materials; examples include
agriculture, fishing, mining, and forestry.
Secondary Sector The portion of the economy concerned with manufacturing useful products
through processing, transforming, and assembling raw materials.
Tertiary Sector the part of the economy that involves services rather than goods
Sectors of Industry Primary, Secondary & Tertiary
Sole Trader a business owned by a single person
COMPLETE STUDY GUIDE PRACTICE
QUESTIONS AND REVISION NOTES
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales Included
, Wants Goods that are purchased to add comfort or pleasure to life
Durable Good Items with lasting value, the purchase of which is considered a form of savings
Non-Durable Good goods that last a short period of time, such as food, light bulbs, and sneakers
Service intangible things of value (haircuts, maid service, laundry, education, etc.)
Land Any natural resource provided by nature and used in the production process
Labour productive work (especially physical work done for wages)
Capital Man made resources used to make a product
Enterprise Combining the Factors of Production
Factors of Production Land, Labour, Capital and Enterprise
Added Value The increase in worth of a product or service as a result of a particular activity.
Primary Sector The part of the economy that produces raw materials; examples include
agriculture, fishing, mining, and forestry.
Secondary Sector The portion of the economy concerned with manufacturing useful products
through processing, transforming, and assembling raw materials.
Tertiary Sector the part of the economy that involves services rather than goods
Sectors of Industry Primary, Secondary & Tertiary
Sole Trader a business owned by a single person
