What is the word?
The bigger the business gets, the smaller the costs get.
What are Economies of scale?
Lenders
The ones that lend the business their money and ask the business to repay the money borrowed from them after some time.
List out all of the factors of production.
Land, labour, capital and enterprise
Who is teacher Phil?
Our business teacher
This sector of businesses extract natural resources from land or ocean.
What is Primary sector?
Stakeholders
People who are affected by the business
The difference between revenue and profit.
Revenue is the total amount of money the business has made, whereas profit is the money you would make after you pay the expenses and your employees using the revenue.
What does "out of the blue" mean
Unexpected
Conducting a research and collecting data first-hand
What is Primary research?
Penetration pricing
Setting the product's price lower than similar products on the market to attract customers quickly, and then increase its price once customer loyalty is built.
What kind of employees are rewarded with commission?
Sales employees
This type of vessel in the plants carry water and nutrients from the roots up accross the stem and into the leaves. What vessel is this?
The xylem vessel
A list of candidates from all applicants chosen to be interviewed
What is a Shortlist?
Quality circle
Groups of employees meet up regularly to discuss about work-related issues and how to fix them.
Normally, a business prioritizes on making as much profit as possible. But what is a true goal of a social enterprise?
Use its profit to support a cause, help communities or improve society by solving environmental issues, employ disabled people or help raise awareness.
Elon Musk is the founder of a space company. What is the company's name?
SpaceX
The business's shares are sold privately, either to family members, friends or employees.
Private limited business
Conglomerate integration
Name all 3 reasons diseconomies of scale happens.
- Poor communication
- Lack of commitment from employees
- Weak coordination
What does "verisimilitude" mean?
Similarity/likeness to the truth