13059206
Description
Flashcards by Ella Udechuku, updated more than 1 year ago
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Created by Ella Udechuku
over 6 years ago
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| Question | Answer |
| Features of Profit | - The return or reward business owners receive for producing products - Generates incentive to take risks |
| Features of Employment | - The nature of products/consumer demand determines number of employees hired - more sold = more employees - SME sector major source of employment |
| Features of Income | wage: 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 |
| Features of choice | - the act of selecting among alternatives |
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