Business size

Question 1

how can a want become a need

Answer 1

john wants some Cadburys chocolate this is a want. however john is diabetic and without his chocolate bar he will die this is now a need

Question 2

whats add value

Answer 2

adding value to a product

Question 3

whats a Micro business

Answer 3

less than 10 employs and a turnover of under 2 million

Question 4

whats a Small business

Answer 4

less than 50 people employed turnover under 1o million

Question 5

whats a Medium business-

Answer 5

less than 250 employs turnover under 50 million

Question 6

whats a Large business

Answer 6

more than 250 employees turn over more than 50 million

Question 7

what is the Factors of production

Answer 7

CELL
Cash
Enterprise
Labour
Land

Question 8

whats Capitol

Answer 8

money you have or value of assets

Question 9

whats an Enterprise

Answer 9

bringing production together to sell and produce a product

Question 10

whats land

Answer 10

the natural reasuses needed to make a good

Question 11

whats Labour

Answer 11

the people who work in a business

Question 12

whats the Primary sector

Answer 12

harvest raw matilals (farms)

Question 13

whats the Secondary sector

Answer 13

manufacturing the good

Question 14

whats the Tertiary sector

Answer 14

a service Tesco sell food will charge premium for packaging

Question 15

explain how all 3 sectors are interdependent

Answer 15

Primary makes the goods eg the oil industry will extract the crude oil
Seconay will be the production plant to make diesel
Tertiary is a service eg shell sells the fuel