Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
What is the difference between a need and a want?
|
Needs are something you need while wants are something that you would want
|
|
|
What are the 3 levels of production?
|
Primary, secondary, tertiary
|
|
|
What are the 3 types of
economy? |
Planned, free market and mixed
|
|
|
What are the different types of ownership?
|
Sole traders, partnerships, private limited company's, public limited company's, cooperatives and franchises.
|
|
|
What does the government want in a country?
|
Low inflation, low unemployment and steady growth.
|
|
|
What are the different types of stakeholders?
|
government, community, managers, owners, employees and consumers
|
|
|
What are the 3 government policies?
|
fiscal (tax and spend)
monetary (interest rates) supply side (minimum wage) |
|
|
What are the business trade cycles?
|
growth, boom, recession and slumps
|
|
|
What are the 3 ways of measuring business size?
|
capital employed, number of employees and revenue
|
|
|
What is verticalintegration?
What other types of integration are there? |
vertical integration is when when one of the levels of production buy another level. e.g a tertiary service buys a secondary service. The other type of integration are horizontol, upwards and backward vertical integrations.
|
