F291

Description

Business Quiz on F291, created by hutchinson184 on 18/05/2013.
hutchinson184
Quiz by hutchinson184, updated more than 1 year ago
hutchinson184
Created by hutchinson184 over 11 years ago
57
1

Resource summary

Question 1

Question
What is a stakeholder?
Answer
  • An individual or group of people who have an interest in a business and what it does
  • An individual who has bought shares in the business

Question 2

Question
What is the private sector?
Answer
  • A business that is owned by one/a couple of people and is usually a family business. Only family and friends can buy shares of the business
  • Businesses that are owned by by a private individual (a member of the public)

Question 3

Question
What is the public sector?
Answer
  • Businesses that are owned and controlled by the government on behalf of its citizens. They are funded by the government usually through money raised through taxes
  • Businesses that are owned by shareholders and can be bought on the stock market

Question 4

Question
What is privatisation?
Answer
  • This is when a company that is owned by a private individual is put on the stock market for shareholders to buy.
  • This is when the government used to own businesses such as gas,water,electricity etc that were therefore in the public sector but were sold back to the private sector

Question 5

Question
What is the primary sector?
Answer
  • Companies that are owned by the the government
  • Companies and people working to extract raw materials from the earth

Question 6

Question
What is the secondary sector?
Answer
  • Businesses that are owned by a more than one/ a group of individuals
  • Businesses that turn raw materials into finished, processed & probably packaged products

Question 7

Question
What is the tertiary sector?
Answer
  • Companies and people who provide services either to the public or other businesses
  • Companies and people working to extract raw materials from the earth

Question 8

Question
What is supply?
Answer
  • The quantity of a product consumers are willing and able to purchase at any price level
  • The quantity that a supplier of a products is willing and able to supply at each level

Question 9

Question
Why does price affect supply?
Answer
  • If prices are low then supply is less as it is less profitable
  • If prices are high then supply is more likely as more profit will be made

Question 10

Question
Why does cost affect supply?
Answer
  • As costs become higher there will be a rise in supply as the firm will want to make more money to cover them
  • As costs become cheaper, there will be a rise in supply as the firm will be able to produce more from its budget

Question 11

Question
How do taxes affect supply?
Answer
  • An increase in taxes means an increase in the businesses costs so therefore a decrease in supply
  • An increase in taxes means an increase in the businesses costs so therefore a increase in supply

Question 12

Question
How do government subsidies affect supply?
Answer
  • If the government give businesses a payment for every unit supplied then the business is likely to increase supply
  • If the government give businesses a payment for every unit supplied then the business is likely to decrease supply

Question 13

Question
What happens to the supply curve when supply increases?
Answer
  • it moves to the right
  • it moves to the left

Question 14

Question
What happens to the supply curve when supply decreases?
Answer
  • Curve moves to the right
  • Curve moves to the left

Question 15

Question
What is demand?
Answer
  • The quantity that a supplier is willing and able to supply at each price
  • The quantity of a product consumers are willing and able to purchase at any price level

Question 16

Question
How does price affect demand?
Answer
  • If price goes down then demand will decrease
  • If price goes up then demand will decrease

Question 17

Question
How will substitute products affect demand?
Answer
  • If substitute prices decrease then demand for your product will decrease
  • If substitute prices decrease then demand for your product will increase

Question 18

Question
How will complimentary products affect demand?
Answer
  • If complimentary products prices increase then demand for your product decreases
  • I complimentary products prices increase then demand for your product will increase

Question 19

Question
How will income affect demand?
Answer
  • If your income increases then demand will decrease
  • If your income increases then demand will increase

Question 20

Question
How will promotion affect demand?
Answer
  • If the amount of promotion increases then demand will increase
  • If the amount of promotion decreases then demand will increase

Question 21

Question
How does taste & fashion affect demand?
Answer
  • If a product is in fashion then demand will decrease
  • If a product is in fashion then demand will increase

Question 22

Question
How does wealth affect demand?
Answer
  • If a person has higher wealth then they're will be higher demand
  • If a person has higher wealth then they're will be lower demand

Question 23

Question
What is excess demand?
Answer
  • Where the quantity demanded of a product is greater than the quantity supplied at a given price
  • When the quantity supplied of a product is greater then the quantity demanded at a given price.

Question 24

Question
What is excess supply?
Answer
  • When the quantity supplied of a product is greater than the quantity demanded at a given price
  • When the quantity demanded of a product is greater than the quantity supplied at a given price

Question 25

Question
What is equilibrium?
Answer
  • When demand is equal to supply
  • When demand and supply are not equal
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