3.1 what is business

Question 1

external factors that influence costs and demand

Answer 1

competition
market condition
income
interest rate
demographic
environmental issues

Question 2

unlimited liability

Answer 2

sold trader/partnership
owner and business are classed as the same thing
personal assets at risk

Question 3

limited liability

Answer 3

plc/ltd
owners and business are different, personal assets not at risk, only lose what they invested