Flashcards
Economic and Social Importance of Business
Cards in this deck (4)
- 1Features of Profit- The return or reward business owners receive for producing products
- Generates incentive to take risks - 2Features of Employment- The nature of products/consumer demand determines number of employees hired
- more sold = more employees
- SME sector major source of employment - 3Features of Incomewage: money received by workers for services provided to employer (weekly)
salary: fixed amount of money paid to a permanent employee (fortnightly or monthly)
dividend: part of business's profit paid to shareholders
sales revenue: money a business receives from the sale of its products - 4Features of choice- the act of selecting among alternatives
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- Description
- Profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality of life
- Created by
- Ella Udechuku
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