Business Studies Multiple Choice Question – 22 June 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Which ONE of the following best defines the term innovation?

Select ONE answer:

  1. Identifying a gap in the market for developing a new product
  2. Spending money on the purchase of replacement equipment
  3. Transforming new ideas into products that can be marketed
  4. Applying for a patent on a recently developed new product

 

Show the workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Business Studies KS4 & KS3 classes

The answer is 3

  1. innovation is not knowing where the gap is.
  2. nothing to do with innovation.
  3. Correct – bringing a new idea onto the market is innovation.
  4. putting a patent on a product is not innovation.

 

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