Production - JSS1 Business studies Past Questions and Answers - page 2
Which type of service involves providing advertising and marketing services?
Personal Services
Business Services.
Social Services
Extractive Industry.
What type of production involves storing goods before they are sold or distributed?
Trade
Transportation
Warehousing
Manufacturing
What is production and why is it important in an economy?
Production refers to the process of creating goods and services to fulfill human wants and needs. It's essential in an economy because it generates income, creates employment opportunities, satisfies consumer demand, and contributes to economic growth and development.
Provide examples of activities involved in the extractive industry.
Examples of activities in the extractive industry include mining coal, drilling for oil, harvesting timber, extracting minerals like gold or iron ore, and fishing.
How does the manufacturing industry differ from other types of production?
The manufacturing industry involves transforming raw materials into finished goods through various processes like assembly, fabrication, or processing. It differs from other types of production in that it focuses on creating tangible products rather than extracting resources or providing services.
What are some examples of services provided in the constructive industry?
Services in the constructive industry include building roads, bridges, houses, commercial buildings, infrastructure projects, and other construction-related activities.
What role does trade play in commerce production?
Trade involves the buying and selling of goods or services between parties. It facilitates the exchange of products, allows for specialization and comparative advantage, expands market opportunities, and fosters economic growth.
How do personal services differ from business services?
Personal services are provided directly to individuals to meet their personal needs, such as healthcare, education, or personal grooming. Business services, on the other hand, cater to the needs of businesses and organizations, such as consulting, accounting, advertising, and legal services.
What are some examples of social services provided by governments or non-profit organizations?
Examples of social services include welfare programs, public education, healthcare services, housing assistance, disaster relief, and community development initiatives.
Why is warehousing important in the process of commerce production?
Warehousing is crucial in commerce production because it provides a place to store goods before they are sold or distributed to customers. It helps in managing inventory, reducing transportation costs, improving supply chain efficiency, and ensuring timely delivery of products to consumers.