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Economics and Business 2 Flashcards | StudBud

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Economics and Business 2

10 terms·StudBud Administration·54 plays

Another Quiz to test your knowledge of ECB terminology. #ECB #Indooroopilly

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Questions 10

Answers

1
A sole Trader is...
One person working alone
A business owned and operated by one person
a single employer
someone who trades the bottom part a of shoe
2
What are the 4 sectors of the circular flow model?
Households, Business, Finance and Government sectors
Households, Production, Finance and Government sectors
Households, Factory, Bank and Government sectors
Home, Business, bank and Government sectors
3
Resources are assigned to produce goods and services to meet needs and wants. this is called...
Resource Allocation
Resource consumption
Trading
Decision making
4
Are Public company shares traded on the stock market?
Only if its above 32 degrees celsius outside
yes
No
usually but its the owners decision
5
Money received in exchange for providing factors of production is called
Income
Salary
Rent
Wages
6
Are private company shares traded on the stock exchange?
Yes
Usually, but it is the owners choice.
No
Only when there is a full moon
7
A community business owned and controlled by many people who have combined for a purpose.
Consumers
Compound
Cooperative
Company
8
A franchise is a...
A business using an established name, brand & product
a business its products to another for a fee
A business selling the products of another business.
A business selling out man.
9
A partnership is an...
A business with between 2 & 20 that jointly receive income.
Business owned and operated by 2 people
two people in a relationship
LLC that is privately owned, but doesn't issue stock
10
What does LLC stand for?
Limited Liability Company
Labour Law Consumption
Law of Labour Court
Land Law Court