Things To Work On

Question 1

State the business cycle.

Answer 1

• Consumers have needs and wants
• businesses carry out market research to identify those needs and wants.
• business produced goods and services for consumers.
• consumers buy the goods and services

Question 2

Name and describe the factors of production.

Answer 2

Land- Raw materials
Labour-workforce/employees
Capital-machinery/equipment/money
Enterprise- the entrepreneur with the idea

Question 3

Name and describe the sectors of industry.

Answer 3

Primary-extracting raw materials
Secondary-manufacturing goods
Tertiary- providing a service

Question 4

Name and describe the sectors of economy.

Answer 4

Private-private individuals
Public- the government
Third-non profit

Question 5

What are goods?

Answer 5

Things you can feel and touch.

Question 6

What is a service?

Answer 6

Something that is done for you.

Question 7

What is consumption?

Answer 7

The using up of goods and serviced

Question 8

What is a consumer?

Answer 8

Someone who buys goods and services.

Question 9

What is production?

Answer 9

The process of making goods so that they can be consumed.

Question 10

State 2 examples of land.

Answer 10

Plot of land, coal, diamonds, wood, water

Question 11

State 3 examples of public sector of industry businesses.

Answer 11

Fisherman, farmers, oil drilling

Question 12

What is ment by the term multi sector activities.

Answer 12

Activities that include extracting raw materials, manufacturing goods and providing a service to make a final product.

Question 13

State 2 examples of tertiary sector activities.

Answer 13

Electrician, doctor, lawyer, hairdresser

Question 14

State 2 ways a sole trader can gain finance.

Answer 14

Invest own money, bank loan, borrow from friends or family.

Question 15

State the types of business organisations.

Answer 15

• Sole trader
• Social enterprise
• Partnership
• Private limited company
• Non-profit making
• Local government

Question 16

State who controls a sole trader, partnership and an Ltd.

Answer 16

Sole trader- owner
Partnership- partners
Ltd- board of directors

Question 17

State two objectives of each sector of economy

Answer 17

Private- maximise profit, survival, provide customer satisfaction
Public- provide a service, stick to a budget, use taxes wisely
Third-help their cause, increase donations

Question 18

State all the external factors.

Answer 18

P olitical
E conomical
S ocial
T echnological
E nvitomental
C ompetitive

Question 19

State the three internal factors.

Answer 19

Finance, human resources, technology

Question 20

What is included in a job specification?

Answer 20

Job title, duties, salary, location, line manager.

Question 21

What is included in a person specification?

Answer 21

Skills, qualifications, experience required

Question 22

What is on-the-job training?

Answer 22

Training carried out in the work place.

Question 23

State 2 advantages of on-the-job training.

Answer 23

Doesn’t waste time for the company, can give the trainee an insight to what the workplace is like.

Question 24

What is off-the-job training?

Answer 24

Training carried out away from the workplace at college, university or training centre.

Question 25

State 2 advantages and disadvantages of off-the-job training.

Answer 25

Advantages:
•more formal and professional
•taught by qualified teachers

Disadvantages:
•can cost alot of money
•cant train and work at the same time
•some training might not be relevant to the job which wastes time

Question 26

State 2 non-financial rewards for employees.

Answer 26

• job enlargement
• job rotation
• job enrichment

Question 27

State 2 advantages of motivating staff.

Answer 27

• Staff are happy with their job.

* Staff work harder which is useful for the company.