Economic and Social Importance of Business

Descrição

Profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality of life
Ella Udechuku
FlashCards por Ella Udechuku, atualizado more than 1 year ago
Ella Udechuku
Criado por Ella Udechuku mais de 6 anos atrás
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Resumo de Recurso

Questão Responda
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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