Chapters 1,2 And 3

Question 1

Explain 2 adv to people working together rather then individuals

Answer 1

1. TEAM- Together Everybody Achieves More. With more people it’s faster where by yourself it takes lingers. E.g soccer team need 11 play
2. Socially- everybody can communicate and share ideas to help the running of the business. Helps with the outside life aswell

Question 2

Two characteristics of a small business

Answer 2

Small business is privately owned by a sole trader or partnership. They run restaurants etc

A small business employs from 5-20 employees

Question 3

Name a specific business between
Retail sector
Finance and insurance
Manufacturing sector

Answer 3

Nike
Anz
Fishing cannery

Question 4

Differences between a for profit

Answer 4

Aims to gain market share, geo and assets over the comp. e.g Nike try to gain a substantial profit

Question 5

Non for profit

Answer 5

Aims to offer a service or charity. E.g Red Cross foundation are a non profit and they have no intention of it

Question 6

Difference between a unincorporated

Answer 6

Are privately owned by a sole trader or partnership. They have unlimited liability meaning if they go under all their personal assets can be seized

Question 7

And incorporated

Answer 7

Registered as a private company. Incorporated has limited liability meaning if they go under there private assets cannot be siezed

Question 8

Explain the key features and five an example of primary sector.

Answer 8

A farmer kills cows apart of the primary. The key features are to extract natural resources from the earth and give them to manufacture. E.g a farmer send it off to a manufacturer

Question 9

Secondary sector

Answer 9

Manufacturers natural resources into products. Supplies retail sector. A fishing cannery is apart. E.g once they receive the meet they send it to a maccas

Question 10

Tertiary or retail.

Answer 10

Recives the patty and sells the product to the consumer. At an agreed price. E.g maccas will sell burgers to the public

Question 11

Define stake holder and three examples at marcellin

Answer 11

A stakeholder is a person of business who has a vested or direct interest in the operation of. A business.
Students
Staff
Parents

Question 12

What is the difference between macro and operating external environments

Answer 12

Macro environment consist of environment, economical and legal factors. Macro will have a n impact ona business seeing if they are financial and paying taxes

Question 13

Operating

Answer 13

Consists of lobby groups, costomers and competitors. Will have an impact on the business when comp lower prices and consumers don’t wanna pay prices

Question 14

How can a small business help the economy

Answer 14

1. Employ people, young people which will put money into their hands
2. Young people will spend their money, meaning the economy boosts.
3. They will hire suppliers, fruit and salad store need a salad expert store
4. They supply a large business, e.g a restaurant

Question 15

Define organisation

Answer 15

Two or more people who work in a structured way to achieve a set of goals or objectives. E.g a soccer team trying to win a title