Other questions in this quiz

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?

  • Branding
  • 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

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Unit 1 & 3 resources »