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WorksheetsTest Revision
Total questions: 28
Worksheet time: 24mins
What is the acronym we use to remember the FACTORS OF PRODUCTION?
CDLL
CELD
CELL
Identify the factors of producton (4)
Capital refers to the natural resources which are used in production such as water, fish and coal.
True
False
Guess the question ...
Answer: Land refers to the natural resources used in production such as water, fish and coal.
Identify the factors of production (1)
Outline the factors of production (1)
Describe the factors of production (1)
Discuss the factors of production (1)
Justify the factors of production (1)
The three SECTORS OF INDUSTRY are Primary, Secondary and (a) ?
The primary sector of industry is concerned with the extraction of raw materials or natural resources from the land.
True
False
The secondary sector of industry is concerned with providing a service to customers such as hairdressers and banks.
True
False
There are 4 sectors of ECONOMY.
True
False
What is the missing sector of economy? Private, Public, _________
Non-Private
Third
Tertiary
A charity operates in the third sector of economy.
True
False
What are the three types of private business organisations?
Sole traders are owned by 2-20 people.
True
False
A disadvantage of operating as a sole trader is that they have unlimited liability. What does this mean?
Which of the following is NOT an advantage of operating as a sole trader?
Owners keeps all the profit generated
Owners is allowed to make all the decisions
No one to share the workload with in the business
A Private Limited Company is owned by shareholders.
True
False
Identify as many business objectives as you can in 3 minutes.
List as many ways that a business can provide good customer service as you can in 3 minutes.
I INFLUENCE the business by providing a high quality customer service. Which stakeholder am I?
Government
Employees
Suppliers
Customers
What is the acronym we use to remember the different types of stakeholders?
BINALOG
BEKALOC
BILALOC
BEGSLOC
Shareholders have limited liability in a Private Limited Company
True
False
I INFLUENCE the business by buying products and giving good recommendations to others ... Which stakeholder am I?
Suppliers
Owners
Customers
Government
What is the acronym used to remember the different external factors?
(a)
Identify the 6 external factors
A business has no control over external factors
True
False
Political factors arise from actions taken by who?
Competitors
Government
Customers
The Government can change the National Minimum (a) ?
Which of the following is NOT an economic factor?
Unemployment
Weather
Interest Rates
Inflation
