Flashcards
Business Unit 1 key terms flashcards.
Cards in this deck (11)
- 1What is a product ?A product is a good or a service
- 2What is a business plan?A business plan is a document that is used as a map to guide you through the future of the business. It can also be used to show investors
- 3What are the factors of production ?These are what used to develop the business. They are Land, Labour, Enterprise and Capital
- 4What is a sole trader ?A business owned by one person.
- 5What is a partnership ?A business owned by 2- 20 people.
- 6What does interdependence mean ?All of the sectors rely on each other.
- 7What are 2 advantages and disadvantages of a sole trader ?Advantages
-You are your own boss
-You go with your ideas
-All profit is yours
Disadvantages
- No one to bounce ideas off
-No additional income
-If business fails its all on you. - 8What are the sectors of economy ?Primary - Raw materials (Gold, Wood)
Secondary-Manufacturing (Table Maker)
Tertiary- Selling (Shop, Ikea) - 9What is limited liability ?Limited liability is where if the business fails business money and personal money are different.
- 10What is unlimited liability ?Unlimited liability means that if the business fails business money and personal money are the same.
- 11What are 2 small business structures ?Sole trader
Partnership
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- Description
- Business Unit 1 Year 10 flashcards for revision purposes.
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- kinghanratty
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