Business Studies revision GCSE 4.5 / 5 based on 2 ratings ? Business StudiesUnit 1 & 3GCSEEdexcel Created by: Saph00xCreated on: 02-04-16 12:54 What are the factors of production? Land, Labour, Capital, Enterprising skills 1 of 11 What is working capital? Pays for wages, rent, supplies etc. 2 of 11 What is the private sector? Businesses owned by private individuals 3 of 11 what is added value? The difference between input costs and value placed on product 4 of 11 What is opportunity cost? Loss of the benefits you would get if you chose the other option 5 of 11 What is the basic economic problem? When there are not enough unlimited supplies for the factors of production 6 of 11 What is a market? where buyers and sellers meet to exchange goods 7 of 11 Which is NOT a demographic Behaviour 8 of 11 What is the Commend economy? When the goverment choses what products should be sold, the price, place, amount etc. 9 of 11 What is the Free economy? When the government does not interfere with any business activity 10 of 11 What is mixed economy? mixture of either markets and economic planning, public and private businesses or free economy 11 of 11
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