1. Which is NOT a method of adding value?
- Loyalty cards
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2. what is added value?
- Spending more money to increase fixed costs
- The difference between input costs and value placed on product
- fixed costs + variable costs
3. What is opportunity cost?
- Loss of Capital through poor investment opportunities
- Loss of the benefits you would get if you chose the other option
- The amount of capital needed to invest in new business ideas
4. Which is a method of adding value?
- Selling more units
- Spending more on manufacturing
5. What is the basic economic problem?
- Not enough workers to produce goods
- When there are not enough unlimited supplies for the factors of production
- When the economy is in decline
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