Business Management Flashcards on Untitled_1, created by nic_j_b on 24/04/2013.
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Created by nic_j_b
about 11 years ago
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Define Wealth creation
Define cycle of business
Define production and consumption
Define IPO
Define Value added
Identify and describe the 4 factors of production that businesses need in order to supply customers with goods and services
Identify and describe the 3 sectors of activity
Suggest an example of an organisation and an activity in each sector
Identify and describe the 3 organisational sectors
Describe a sole trader
Describe/ Explain 2 advantages and 2 disadvantages of being a sole trader
Describe a partnership
Suggest an objective for a partnership
Describe/ explain 2 advantages and 2 disadvantages of a partnership
Advantages
Explain 2 reasons why a sole trader may choose to become a partnership
Define a franchise
Describe/ explain 2 advantages and disadvantages for the franchisee
Describe/ explain 2 advantages and disadvantages for the franchiser
Describe a private limited company
Explain/ describe 2 advantages and disadvantages of becoming a private limited company
