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A Level Business > Basics > Flashcards

Basics Flashcards

1
Q

What are the 4 factors of production

A

Land
Labour
Capital
Enterprise

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2
Q

What are the 4 factors of production

A

Land
Labour
Capital
Enterprise

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3
Q

What is the labourin the four faces of production

A

The human input in the production process

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4
Q

What is land un the 4 factors of production

A

Natural rescources available for production

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5
Q

What is enterprise in the 4 factors of production

A

Entrepreneurs organise factors of production and take risks

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6
Q

What is enterprise in the 4 factors of production

A

Entrepreneurs organise factors of production and take risks

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7
Q

What is caption in the 4 factors if production

A

Goods used in the supply of other products eg tech

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8
Q

How to add value to your products

A

Building a brand = reputation for quality- more demand - more sales

Delivering good service

Product features and benefits

Offering convenience- quick delivery

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9
Q

How to add value to your products

A

Building a brand = reputation for quality- more demand - more sales

Delivering good service

Product features and benefits

Offering convenience- quick delivery

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10
Q

What are the benefits of adding value

A

Charging a higher price

Creating a usp for competition

Keeps customer loyalty

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11
Q

What is a constraint in business

A

A limiting fsctor

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12
Q

What is a constraint in business

A

A limiting fsctor

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13
Q

What are examples of constraints in a business

A

Finance available
Legislation
Competition
Employees skill

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14
Q

What do businesses in the primary sector do

A

Extract natural rescources

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15
Q

What do businesses in the primary sector do

A

Extract natural rescources

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16
Q

What do businesses in the secondary sector do

A

Manufacturing raw materials into goods

17
Q

What do businesses in the tertiary sector dk

A

Provide a service - haircut

18
Q

What’s a private sector business

A

A business that are operated and owned by private individuals and companies and are generally run for profit

19
Q

What is a public sector business

A

A business that is owned by the public and run by government

Generally run yo provide a service- NHS

20
Q

What does unincorporated mean kn busines

A

That a individual or individuals have unlimited liability and is the same legal identity as the business

Sole traders , partnerships

21
Q

Ehat does incorporated mean in business with examples

A

When the company has limited liability and isn’t the same legal identity as the business

Plc ltd

22
Q

Advantages of being a sole trader

A

Cheap and easy to set up

100 perfect control

Keep all the profit

Financial info kept private

23
Q

Advantages of being a sole trader

A

Cheap and easy to set up

100 perfect control

Keep all the profit

Financial info kept private

24
Q

Disadvantages of being a sole trader

A

Harder to raise finance than other methods

Unlimited liability

No continuity

25
Q

Advantages of being a partnership

A

Easier to raise finance than sole traders

Less profit sharing than companies

More skills, experience and ideas with more people working

Share debt

Financial info kept private

26
Q

Disadvantages of being a partnership

A

Unlimited liability

Not as much continuity as companies

Less control than sole traders

Harder to set up than sole traders(deed of partnership)

Harder to raise finance than companies

27
Q

Advantages of companies

A

Limited liability

Easy to raise finance

Continutity

28
Q

Advantages of companies

A

Limited liability

Easy to raise finance

Continutity

29
Q

Disadvantages of companies

A

Public disclosure of company infomation

Greater admin costs

30
Q

Advantages of franchising for a franchiser

A

Recieve franchise fees and royalties

Easier management

Able to expand quicker

Franchisees can produce ideas for future success

31
Q

Disadvantages of franchising for franchiser

A

May lead to negative reputation if not properly run

Less control of business

32
Q

Advantages for frsbchisee

A

Takes advantage of well known brand

Lower risk as its a proven business concept

Receives national market

33
Q

Disadvantages for franchisee of buying a franchise

A

Franchiser takes percentage of profit

Supplies bought from franchiser

Don’t have a lot of control of business

34
Q

What is market share

A

Percentage if a market the a business has

35
Q

What is market size

A

Total sales within a market

36
Q

What is market growth

A

The percentage change in market size

37
Q

What is market growth

A

The percentage change in market size

A Level Business (4 decks)

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