National 5 Prelim Revision

Identify 3 sectors of the economy

• Private

• Tertiary

• Third

• Public

Identify 3 sectors of industry

• Primary

• Tertiary

• Public

• Secondary

Draw and label the product lifecycle

Answer explanation

Clearly labelled X and Y axis (1)

Correct segment labels (1)

Correct line drawn (1)

_ _ _ _ _ _ maximisation would be an objective of an organisation in the private sector

Keeping to a _ _ _ _ _ _ would be an objective of an organisation in the public sector

Using _ _ _ effectively would be an objective of an organisation in the public sector

Maximising _ _ _ _ _ _ _ _ _ would be an objective of an organisation in the third sector

Outline reasons for maximising customer satisfaction

• Increased customer loyalty

• Employee satisfaction

• Improved reputation

Outline ways an organisation can maximise customer satisfaction

• Having a highly trained workforce

• Conducting market research to meet needs and wants

• Providing an after-sales service

• Having high quality products

• Having a customer complaints procedure

A sole trader is owned by _ _ _ person.

It is controlled by _ _ _ person.

It may be financed by the owner's _ _ _ _ _ _ _