Unit 1 Business Activity big review.

What are the factors of production?

• Land, Labour, Capital, Enterprise

• Land, Money, Skills, Loans

• Capital, Workers, Skills, Products

• Marketing, Advertising, Money, products

What does this describe? " mr Alex is opening a new language center. He decides to invest in 10 mini whiteboards. He could have invested in 20 sticky balls for English games.

• Scarcity

• Opportunity cost

• Factors of production

• Marketing

What does this describe? In a car production factory work is split into specialist teams. 1 team make the chassis, 1 team adds the engine, 1 team add the wheels and 1 team paints the car.

• Price and Promotion

• Factors of production and scardcity

• Division of Labour and Specialsation

Organize these benefits of specialisation into the right categories

Groups:

(a) Business

,

(b) Employee

,

(c) The world

• Higher wages

• Resources are used more efficiently

• Improving quality and efficiency leads to more profit

• Can choose a job with better benefits

• Better reputation

• Countries can trade their expertise with other countries.

Organize these drawbacks of specialisation into the right categories

Groups:

(a) Business

,

(b) Employee

,

(c) The world

• Countries can struggle to produce the product or service

• Product can become out of date

• Tasks may become boring

• Countries may get beaten on price meaning their workforce is no longer in demand.

• Machines can replace employees

• Training employees can be expensive

Organize these ways of adding value into the right categories

Groups:

(a) Design

,

(b) quality and efficiency

,

(c) Marketing

,

(d) Convenience

• Dyson uses "Cyclone" technology to maintain market leadership

• Being the only drinks shop at a taylor Swift concert

• Primark clothing store adds value by lowering their costs as much as possible.

• Steve Jobs created a buzz around Apple products creating a unique brand

What am I? I take raw materials from the land or sea to be used by other businesses. E.g Oil rig

• Primary Sector

• Secondary Sector

• Tertiary Sector

What am I? I take raw materials and turn them into products. E.g I take rubber and turn them into wheels.

• Primary Sector

• Secondary Sector

• Tertiary Sector

What am I? I sell the finished products and services to consumers. E.g WinMart or a taxi driver.

• Primary Sector

• Secondary Sector

• Tertiary Sector

A business that is owned and run by the government to provide products and services to the people is called what?

• Private Sector

• Public Limited Comany

• Charity

• Public Sector