Money
The exchange of one thing for another without the use of money.
What is Barter?
My aim is the citizens of the country. All business enterprises owned, managed and controlled by government.
What is the Public Sector?
I am the most common type of economic system
What is a mixed economy?
I am concerned with preparation of the Trading and Profit and Loss Account and the Balance Sheet, to be presented to the shareholders and to be filed with the Registrar of Companies.
What is Finance?
Provide feedback on product quality through complaints and suggestions.
What is Customer/Consumer
I am a limitation of Barter whereby both persons had to want what the other has.
What is double coincidence?
I am easy to start, I gain all the profits but if I die the business closes.
What is a sole trader?
Government plays little part in the economic activity
What is a Free Market Economy?
I am concerned with making the product and purchasing the raw materials
What is production?
Protection for consumers through laws and agencies; protect all other stakeholders.
What is government
I am what says that money must be identical in look, size and weight
What is homogenous?
You can use my brand name, idea and I will train you but you have to pay me in royalties
What is a Franchise?
North Korea has this type of economy
What is a Planned economy?
I am concerned with recruiting and selection of employees of the business
What is HR/personnel/Admin?
To efficiently utilize the resources placed in their care
What is employees
Paying bills online, money transfers and buying online are all examples of me
What is E-commerce?
I am the one responsible for activities that are important for the development of the community,
including;
● Road maintenance
● Fire service
● Public health
● Garbage collection
● Poor relief
● Approval of building plans
What is the Local Government and Municipal Authorities?
Not many of these economies exist but they are all about sustaining themselves. They do not make enough for export. There is no surplus.
What is a subsistence economy?
I am concerned with the 4 P's-Price, Place, Product and Promotion
What is Marketing?
To achieve the best return on their investments (profits)
What is owner/shareholder
I am the person who writes out the cheque to be paid to someone else
Who is the drawer?
A company whose shareholders must be at least 7 with no limit in number of shareholders and whose shares may be offered for public subscription.
What is a Public Limited Company?
Economies exist because of limited resources and unlimited wants which leads to this
What is scarcity?
Maintaining an adequate inventory system is also my function
What is Production?
Some in the class ask a question. It must not be a T/F or Yes/No type question
2 points awarded on the next test