Business Level
What are the 4 factors of production
Land Labor capital enterprise
What is an internal stakeholder? give me 2 examples
Owner, Manager, employees
What is external recruitment
Hiring someone outside the business
What is a sole trader
A person who owns a business
Give me an example of internal growth for a business
What are the 3 sectors and explain how do they collect resources
Primary
Secondary
Tertiary
What is an External stakeholder? give me 2 examples
Customer, suppliers , lenders, Governemnt, local community
What are disadvantages of Internal recruitment
No new ideas, btter candiates could be outside, Cause workplace conflict, Creates another vacancy to fill
What is a franchise?
A business agreement where one person buys the right to use the business name logo and product of existing business
What is the Objectives of a Public sector company
Accessible -
Affordable-
Open to all-
What is an economic Problem
Limited resources but unlimited wants and needs
Explain intrnal recruitment
Hiring someone from within the company
Explain joint venture
TWO BUSINESSES joing together to create a new business or project
Explain the difference between Shareholder and stake holder
Shareholder - only in Public limited companies
Stakeholder- someone who is affected by business decisions
Name 3 contents of Business Plan
2. Objectives
3. market Research
4. Marketing
5. financial forecast
Explain Opportunity cost
The cost of giving up something for the choice of the other option
What are some examples of legal controls of employment issues?
Contract, Unfair dismissl, discrimination, health and saftey, Minimum wage
Explain the difference between Public and private sector
Public run by the governemnt Private run by individuals for a profit
Differene between franchisee and franchisor
franchisee - person buying rights of business. Franchisor makes money and decides who can use the business
What is Chain of Production
The production process that involves activities from primary secondary & tertiary sectors
List 5 Business objectives
Survival , profit, growth, Market share, CSR
what are the 3 types of training
Induction, on the job, off the job
What is a social enterprise?
A business with social objectives that reinvest most of its profits back into business to benefity society at large
What are 2 types of limited companies explain what is a limited company
Public Limited company & Private limited companies. Both have Limited liability meaning the business entity is separate from the owners of the company If the company fails banks can only take business assets, not personal property like your home or savings. Both are also made of Shareholders
Explain Mixed economy
Economies where resources are owned & controlled by both private & public sectors