1. 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
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Other questions in this quiz
2. What is opportunity cost?
- Loss of the benefits you would get if you chose the other option
- The amount of capital needed to invest in new business ideas
- Loss of Capital through poor investment opportunities
3. 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
4. Which is NOT a method of adding value?
- Loyalty cards
5. What is mixed economy?
- mixture of either markets and economic planning, public and private businesses or free economy
- When the economy is sometimes high, but becomes low at points
- Distinctiveness of the product being offered
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