Other questions in this quiz

2. What a sole trader?

  • A firm with unlimited liability
  • Someone who trades the soles of footwear
  • Someone who runs a business by themselves
  • Someone who trades in the shoe market

3. What is division of labour?

  • When a firm scales back production
  • When production is split into different tasks and each worker performs one of these tasks
  • When half the workers rest while the others work, as to create a constant supply line
  • When all workers get equal pay

4. What are cooperatives?

  • Two or more people starting up a firm
  • Firms that are owned and run by a group of people who have a shared interest in the business.
  • When an individual buys a ready made business from an established company
  • A Small to medium sized businesses with private shares.

5. What is the economic problem?

  • Exploiting a need in the market
  • An unlimited amount of wants but limited resources.
  • An unlimited amount of resources but limited wants.
  • The cost of the good forgone when an option is chosen

Comments

No comments have yet been made

Similar Business Studies & Economics resources:

See all Business Studies & Economics resources »See all Business Studies resources »