Select two best reasons as to why somebody would start a business:
Because they cannot get a job working for somebody
Because they know somebody else in a business and want to compete
To impress a possible love interest
To make profit
A car is an example of a ❌
A doctor would be an example of a ❌
The four factors of production are: - Land - Labour - Capital - Enterprise
❌ is the art of bringing together the factors of production in order to produce a good or service.
What is the non-monetary opportunity cost of attending college?
Money spent for tuition
Saving for a car
Getting a job
Less time to spend with friends
What is the definition of opportunity cost?
All the choices you could have made but didn't
The next best alternative that you give up
The chance that you will lose your money
The money you spend to buy something
You can purchase one of the following: a candy bar, a soda or a magazine. You rank your choices as: 1) The candy bar 2) The magazine 3) The soda What is the opportunity cost of buying the candy bar?
Your cash
The soda
Both the magazine and the soda
The magazine
A famous economic saying is, "there is no such thing as a free lunch". What does this statement mean?
You must always pay for lunch
Everything has a cost
Never accept a free lunch
None of these options
Who determines your opportunity cost?
Your friends
Your teachers
You
Your parents
The sector is the first stage of production. It produces raw materials for other businesses and sectors to use. An example would be farming.
The sector takes raw materials and makes them into manufactured goods and products. An example would be a food processing plant.
The sector is also known as the service sector. It involves the selling of goods or providing a service.
Pestle stands for: P - E - S - T - L - E -
An example of a political factor that could influence a business would be:
A change in taxes
A change in Prime Minister
A change in party running the country
A change in constituencies
