A bearded Canadian lumberjack cutting down trees in the forest is an example of activity in this sector
What is primary sector
100
A document outlining market need and solution, target market, competition, sources of finance, budget, and sales and marketing tactics is called:
What is a business plan
100
A firm owned by one individual is called
What is sole trader
200
something to be consumed that is essential for survival
What is a need
200
A firm pays these
What are costs
200
Businesses that are owned by individuals are part of this sector
What is the private sector
200
An individual who combines land labor and capital to provide added value and satisfy consumer wants and needs at a profit is called an
What is entrepreneur
200
When a firm becomes a limited company, the main advantage is
What is limited liability
300
The two main aims of businesses
What is satisfy needs and wants, make a profit
300
A firm receives this in exchange for goods/services
What is revenue
300
Government owned organizations make up this sector
What is the public sector
300
three ways a government can help start up companies are
What is grants, loans, advice
300
A firm that sells shares on the stock market is called
What is a public limited company
400
these are the four factors of production
What is land, labor, capital, enterprise
400
This is the equation for profit
What is Revenue minus costs
400
The government of Japan recently sold their postal service to a private company. This is an example of
What is privatization
400
four ways to measure business size are:
What is market share, sales, number of employees, capital employed
400
a firm sells the rights to use it's name and methods and sell it's products, the firm provides advice and training in exchange for a fee this is an example of a
What is a franchise
500
the difference between the value of inputs and the value of outputs
What is value added
500
If revenues are 1010 and costs are 273, what is the profit?
What is 737
500
If a country is moving from primary sector activities to secondary sector activities, it is going through
What is industrialization
500
Three advantages to expanding are
What is more sales/revenue/customers, economies of scale, prestige (name recognition)
500
when two companies cooperate on a project and share in it's expenses and profits, this is called a