Business Flashcards
1
Q
What is public sector?
A
A business or organisation owned by the government
2
Q
What is wage?
A
Payment usually of money for labour or services usually according to a contract
3
Q
What is piece rate?
A
Is a way of paying for work that is based off fixed rate for a particular amount done rather than the time it takes to do the job
4
Q
What is fixed rate?
A
A fixed rate is the unchanging rate charged of liability such as a loan or mortgage
5
Q
Scarcity
A
Is the lack of sufficient products to fulfil the total wants of the population
6
Q
Needs
A
Is a good or service essential for living
