Show:
Business Activity
Price, Revenue, Costs, Profit
Business Classification
Enterprise/Growth/Size
Types of Business organizations
100

The lack of sufficient products to fulfil the total wants of the population.

What is social scarcity

100

A consumer pays this in exchange of a product or service

What is price

100
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 in order to provide goods and services and make a profit

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

There exist unlimited wants but limited resources to produce the goods and services to satisfy those wants

What is economic problem

300

A firm receives when selling their goods/services after a period of time, without considering costs

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
What is a joint venture