Understanding Business Revision

Factors of production are:

• Land, Labour, Capital and Entrepreneur

• Land, Labour, Capital and Enterprise

• Land, Primary, Capital and Enterprise

• Land, Private, Capital and Entrepreneur

Sectors of Economy are:

• Private, Public and Third

• Primary, Secondary, Tertiary

A private limited company is owned by

Advantages of a partnership are?

• shared workload

• arguements

• shared profit

A private limited company is ran by a board of

Which is not an objective (aim) of the private sector?

• To maximise profits

• To grow

• To maximise sales

• To raise awareness of their cause

Stakeholders have an interest or _______on the business

External factors can be remembered by what acronym?

• PESTED

• PESCED

• PESTEC

• PESTEM

Political factors are changes in....

• Trends

• Interest rates

• Weather

• Legislation

Non durable goods are...

• Used up quickly

• Long lasting