Business Studies revision GCSE

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  • Created by: Saph00x
  • Created on: 02-04-16 12:54
What are the factors of production?
Land, Labour, Capital, Enterprising skills
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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
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What is opportunity cost?
Loss of the benefits you would get if you chose the other option
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What is the basic economic problem?
When there are not enough unlimited supplies for the factors of production
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What is a market?
where buyers and sellers meet to exchange goods
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Which is NOT a demographic
Behaviour
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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
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What is mixed economy?
mixture of either markets and economic planning, public and private businesses or free economy
11 of 11

Other cards in this set

Card 2

Front

What is working capital?

Back

Pays for wages, rent, supplies etc.

Card 3

Front

What is the private sector?

Back

Preview of the front of card 3

Card 4

Front

what is added value?

Back

Preview of the front of card 4

Card 5

Front

What is opportunity cost?

Back

Preview of the front of card 5
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