Business Studies Questions and Answers - Grade 7 Mid Term 2 Exams 2023 Set 3

QUESTIONS

1. What is the study of the process of identifying business opportunities and acquiring resources to start and run the business? (2 marks)
2. Why is it important to prepare a scale of preference? (2 marks)
3. Name economic resources. (2 marks)
   
   For questions 4-7, state the difference between the following terms (8 marks)
4. Free goods and economic goods
5. Producer and consumer goods
6. Perishable and durable goods
7. Public and private goods
8. What are the types of retailers? (2 marks)
9. What are the characteristics of labour as a factor of production? (2 marks)
10. Name the classes of economic resources. (2 marks)
11. What are the types of services found in your locality? (2 marks)
12. What are the activities carried out with an aim of making profit? (2 marks)
13. What is the ability of a good or service to satisfy human wants? (2 marks)
14. What are the types of goods? (2 marks)
15. What are the characteristics of economic resources used for production of goods and services? (2 marks)
16. Describe sustainable ways of using economic resources in Kenya. (2 marks)
17. State the importance of communication in business. (2 marks)
18. What are the sources and places where consumers may buy goods and services? (2 marks)
19. What are the rewards for economic resources? (2 marks)
20. What are the ways of nurturing talents and abilities? (2 marks)
21. What are ethics? (2 marks)
22. What are the roles of wholesalers? (2 marks)
23. What is market? (2 marks)
24. Why do you require goods and services? (2 marks)
25. What is choice as used in business studies? (2 marks)

MARKING SCHEME

1. Entrepreneurship
2. Ensuring we satisfy our needs before our wants.
   "Ensuring we live within our means (what we can afford)
3. Land, Labour, Capital
4. Free goods are goods that are naturally provided like sunshine, rain. oceans while Economic goods arb commodities which have money values that can and be used to satisfy human needs and  wants
5. Producer goods are used in producing other goods while consumer goods are final product goods that are bought and used by consumers
6. Perishable goods go bad easily unless stored using very special facilities while  durable goods are goods that are used for a long period of time
7. Public goods are goods that can be consumed by any member of the community while private goods are goods that can only be utilised by a specific individual or group
8. Small scale, Large scale, Wholesale
9. It is a basic factor of production without which production cannot take place.
   "It cannot be stored.
   "Labour is human.
   "Labourers sell their labour and not themselves.
10. Renewable resources and Non-renewable resources
11. Assess
12. Business
13. Utility
14. Free goods, Economic goods, Producer goods, Consumer goods, Perishable goods, Durable goods, Public goods, Private goods
15. They are scarce
    "Have uneven distribution have utility
    They can change ownership
16. We can sustainably use economic resources ces by reusing and saving resources
    "Avold wastage and use of non-environmental p pollutant
    "The e capacity of the earth to produce vital renewable resources must be maintained, restored or improved
17. Communication is used to manage business
    "Good communication bullds a good name for the business
    *Communication helps in making customer feedback
18. Small scale retail sources
    scale retall sources
    "Online stores
19. Land- rent, rates
    Entrepreneurship -profit
    Capital - Interest
    Labour-wages
20. Observe and Identify a talent Praising efforts
21. Ethics are moral principles that control a person's behaviour when conducting an activity.
22. They store a large stock and make sure goods are always available for retailers
    They perform grading and standardization functions, ensuring uniform-quality
    They help to stabilize prices by ensuring supply to retallore.
23. A market is where buyers and sellers Interact to buy goods or services such as the food market, supermarket, the stock market and the bond market.
24. To satisfy Increasing human wants
25. Choice is the act of deciding on which need or want to be satisfied first