F4T1 Mass Revision Flashcards
1
Q
Classification of Outputs of Production/Goods
- Goods & Services
- Economic Goods & Free Goods
- Producer Goods & Consumer Goods
- Public Goods & Private Goods
A
-
Goods & Services
- Goods: Tangible output of production
- Services: Intangible output of production
-
Economic Good & Free Good
- Economic Good: A good which the quantity available is insufficient to satisfy all human wants for it. More of it is preferred.
- Free Good: A good which the quantity is sufficient of satisfy all human wants for it. More of it is not preferred.
-
Producer Good & Consumer Good
- Producer Good: A good bought by firms for the production of goods and services.
- Consumer Good: A good bought by household to directly satisfy (consumer’s) wants.
-
Private Good & Public Good
- Private Good: A good which is rival and excludable in consumption.
- Public Good: A good which is non-rival and non-excludable in consumption.
2
Q
Division of Labour
- Advantages (6)
- Disadvantages (4)
- Limitations (2)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/012/a_image_thumb.png?1464274070)
3
Q
Labour Supply
- Factors (2)
A
- Size of Working Population
- Size of labour force (population structure)
- Government Policies (minimum & maximum age, duration of schooling, childcare services, immigration control, importation of labour)
- Number of Working Hours
- Government Policies ( number of public holidays, duration of leave, maximum working hours)
4
Q
Labour Productivity
- Factors (6)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/014/a_image_thumb.jpg?1464413396)
5
Q
Piece Rate, Time Rate and Basic Sallary + Commission Scheme
- Advantages
- Disadvantages
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/015/a_image_thumb.jpg?1464414119)
6
Q
Profit Sharing Scheme and Tips
- Advantages
- Disadvantages
A
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/281/680/a_image_thumb.jpg?1464414208)
7
Q
Occupational Mobility
- Factors (4)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/016/a_image_thumb.jpg?1464413413)
8
Q
Geographical Mobility
- Factors (4)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/017/a_image_thumb.jpg?1464413431)
9
Q
Sole Proprietorships & Partnerships
- Common Features (9)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/018/a_image_thumb.png?1464275498)
10
Q
Sole Proprietorships & Partnerships
- Distinctive Features (5)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/019/a_image_thumb.png?1464275583)
11
Q
Private & Public Limited Companies
- Common Features (6)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/177/a_image_thumb.png?1464276632)
12
Q
Private & Public Limited Companies
- Distinctive Features (4)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/178/a_image_thumb.png?1464413543)
13
Q
Issuing Bonds VS Shares for companies
- Advantages (3 X 2)
- Disadvantages (2 X 2)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/179/a_image_thumb.png?1464413624)
14
Q
Buying Bonds VS Shares for investors
- Advantages (2 X 2)
- Disadvantages (3 X 2)
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/180/a_image_thumb.png?1464413697)
15
Q
Motives of the 5 types of integration/expansion. (T)
- Horizontal
- Vertical Backward
- Vertical Forward
- Lateral
- Conglomerate
A
Graph
![](https://s3.amazonaws.com/brainscape-prod/system/cm/190/154/181/a_image_thumb.png?1464413786)