Summary Flashcards
What is money
Money is the current medium of exchange in the form of coins and bank notes
What are some instruments of money
Credit card ,debit card, e-commerce ,bank transfer and bills of exchange
What are the 5 forms of organization
Some trader
Partnership
Cooperative
Companies
Franchise
What are the 5 forms of organization
Sole trader
Partnership
Cooperative
Companies
Franchise
What is a sole trader
A person who runs his or her own business
What is a partnership
An association between 2-20 people with the common goal of making a profit
What is a cooperative
It is formed and operated by its members
What is a company
A business entity which has been incorporated
What is a franchise
A right bought by an individual from a franchiser
What is an economy
An economic system in which determines how goods and services will be produced
What are the three economic questions
What to produce
For whom to produce
How much to produce
How many main economic systems are they and identify them
4 main economic systems
Traditional
Free
Command
Mixed
How many main economic systems are they and identify them
4 main economic systems
Traditional
Free
Command
Mixed
Five functional areas in a. Business
Production ,marketing,compliance,environment and Human Resources
