Business Studies revision GCSE

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  • Created by: Saph00x
  • Created on: 02-04-16 12:54

1. What is the Free economy?

  • When the government does not interfere with any business activity
  • When prices are reduced on products to be fairer for cusomers
  • When economy is at its peak
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2. What is the Commend economy?

  • When the goverment choses what products should be sold, the price, place, amount etc.
  • When you have public and private sectors
  • When the local economy is very high and businesses are growing

3. 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

4. What is the private sector?

  • Businesses owned by small groups of local people
  • Businesses owned by private individuals
  • PLC's

5. What is working capital?

  • Profit from running a business
  • Pays for wages, rent, supplies etc.
  • Money needed to pay fro everyday items, for example machinery, tools

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