Business Studies revision GCSE

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  • Created by: Saph00x
  • Created on: 02-04-16 12:54

1. What is the Commend economy?

  • When the local economy is very high and businesses are growing
  • When the goverment choses what products should be sold, the price, place, amount etc.
  • When you have public and private sectors
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2. What is opportunity cost?

  • Loss of the benefits you would get if you chose the other option
  • The amount of capital needed to invest in new business ideas
  • Loss of Capital through poor investment opportunities

3. What is working capital?

  • Pays for wages, rent, supplies etc.
  • Money needed to pay fro everyday items, for example machinery, tools
  • Profit from running a business

4. What is the Free economy?

  • When economy is at its peak
  • When the government does not interfere with any business activity
  • When prices are reduced on products to be fairer for cusomers

5. What is the private sector?

  • Businesses owned by small groups of local people
  • Businesses owned by private individuals
  • PLC's
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