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10 Cards in this Set
- Front
- Back
What is the difference between a need and a want?
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Needs are something you need while wants are something that you would want
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What are the 3 levels of production?
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Primary, secondary, tertiary
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What are the 3 types of
economy? |
Planned, free market and mixed
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What are the different types of ownership?
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Sole traders, partnerships, private limited company's, public limited company's, cooperatives and franchises.
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What does the government want in a country?
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Low inflation, low unemployment and steady growth.
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What are the different types of stakeholders?
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government, community, managers, owners, employees and consumers
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What are the 3 government policies?
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fiscal (tax and spend)
monetary (interest rates) supply side (minimum wage) |
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What are the business trade cycles?
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growth, boom, recession and slumps
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What are the 3 ways of measuring business size?
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capital employed, number of employees and revenue
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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.
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