8DAT - T3 Bus_Eco - Wk4 Review

Ruby makes cucpcakes at home and sells them on facebook marketplace to customers. What type of busienss does she have?

• Sole Trader

• Franchise

• Public Company

• None of the above

Tick all the advantages a sole trader cupcake business might have.

• Flexible working hours

• Only recieves half of the profits

• Flexible, Ruby can make all decision

• Easy and cheap to start

• Can sell shares of the company on the sharemarket.

What are the two main sectors in the circular flow of income?

(a)  

What is the businesses role in the circular flow of income? Tick all that apply

• Selling goods and services

• Buying Factors of production

• Selling their labour

• Buying goods and services

Whats the definition of a good?

• Jobs that you pay someone to do for you

• Clothes and books

• Things that people make or grow or to sell

• Anything you can buy with money

Whats the definition of a service?

• Anything you can buy with money

• Things that people do for you

• Stuff you buy

• Jobs that you pay someone else to do for you