RETAKE TEST ANSWERS Flashcards
what are the 4 factors of production ?
LAND
LABOUR
CAPITAL
ENTERPRISE
what is an example for LAND in the factors of production ?
vegetables , plants, fish , cotton harvested from a plant
what is an example for LABOUR in the factors of production?
waiter, florist, fishermen, workers
what is an example for CAPITAL in the factors of production?
oven, pots , fishing rod , sewing machine
what is an example for ENTERPRISE in the factors of production ?
restaurant, entrepreneur ,fish market , entrepreneur
what are the 3 sectors of ECONOMY?
PUBLIC
PRIVATE
THIRD/VOLUNTARY
what types of organisations can be found in the private sector ?
SOLE TRADER
PARTNISHIP
PRIVATE LIMETED COMPANY LTD
PUBLIC LIMETED COMPANY PLC
state 3 features of a partnership ?
2 TO 20 PEOPLE
UNLIMETED LIABILLITY
PARTNISHIP AGREEMENT
SHARE WORKLOAD
EASIER TO MAKE DECISIONS
what are the key skills an entrepreneur should possess ?
GOOD COMMUNICATION
TAKE RISKS
GOOD LEADERSHIP
SPOT A GAP IN THE MARKET
what are the similarities between Private Limited Companies and Public Limited Companies ?
BOTH HAVE LIMETED LIABILITY
THEY ARE SHAREHOLDERS
EASIER TO RAISE FINANCE
RUN BY A BOARD OF DIRECTORS
what is the difference between leasing a van and hire purchasing a van ?
- when you lease a van you never own it
- when you hire purchase a van you pay until you own it
- if you hire purchase a van you can lose it if you don’t keep up payments
- if there is a problem with the van the lease will pay for the repair
- if there is a problem with the van and you are with hire purchase your responsible for repairs
what are 3 ADVANTAGES of becoming a FRANCHISEE ?
- you get to choose colours and trade marks for a well established brand
-guaranteed profits and sales
-business plan is already in place - they provide all equipment and training required
what are 2 ways a charity can raise funds to support it’s cause?
HAVE A CHARITY SHOP
HOST AN EVENT
FUNDRIASE IN TEH HIGH STREET
ASK PEOPLE TO ADD A DONATION INTO THERE WILL
GET SUPPORT OR GRANTS FROM ORGINISATIONS
HOST SPONSERED EVENTS
services provided by the public sector?
NHS
POLICE FORCE
FIRE BRIGADE
LIBARIES
SCHOOL
BINS
what are the consequences for a business that doesn’t pay attention to customer service ?
PEOPLE DONT RETURN
PEOPLE SPEND LESS
YOU LOSE CUSTOMER LOYALTY
BAD REVIEWS
LESS PROFIT
THEY TELL PEOPLE NOT TO COME
THEY SPEND MONEY SOMEWHERE ELSE