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Understanding Business Activity
Understanding Business Activity
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Business IGCSE Section 1: Understanding Business Activity
Flashcards
15 cards
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Questions
15
Answers
1
What is the difference between the selling price and the cost of materials of a product?
Added Value
Opportunity cost
The economic problem
Specialisation
2
What is not an advantage of having a partnership?
Less responsibilities
More motivation to work hard as a group
More capital could be invested into business
Partners do not have limited liability
3
What is a limitation of being a Private limited company?
Continuity
Legal Formalities
Can be more expensive
Disclosure of accounts
4
What is not a method for comparing business size?
Capital employed
Output value
# of employess
Price of product
5
What is the key-term for something that has both a public and private sector?
Specialization
Enterprise
Mixed Economy
Gentrification
6
The four factors of production are:
Land, Labour, Capital, Marketing
Land, Labour, Capital, Enterprise
Land, Labour, Price, Tertiary
Capital, Enterprise, Place, Land
7
What is it called when a business and its employees focus on their best skills?
Gentrification
Scarcity
Specialisation
Division of labor
8
Define Capital
Money invested into the business by the owners
Machinery within a business
Springfield is an example of this
When production is split up into different processes
9
What sector of production is the company Apple?
Tertiary
Secondary and Tertiary
Secondary
Primary
10
What are the stages of economic activity?
Primary, Secondary, Tertiary
Public, Private
Labour, Land, Capital, Enterprise
Product, Place, Promotion, Price
11
What do each a franchise and franchisee contribute to a business? (Franchise first)
Use of brand name, Enterprise
Training, Original Idea
Management, Advertising
Capital, Enterprise
12
Which objective for company in the private sector can encounter conflict?
Profits
Managers
Shareholder returns
Growth
13
Which of the following is not a characteristic of a successful entrepreneur?
Confident
Always Optimistic
Procrastanative
Innovative
14
What's it called when a company joins or takes over a company in completely different industry?
Diversification
Integration
Takeover aquisition
Merger
15
Define economic problem
Unlimited wants but limited resources
The next best alternative given to them
When an economy goes into a recession
Too much money, not enough to spend it on
