Business Studies Unit 1

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1. What is the economic problem?

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

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

3. What a sole trader?

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

4. What are cooperatives?

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

5. Who wouldn't be a stakeholder of a Welsh mining firm.

  • The government
  • The owners
  • People from England
  • Shareholders


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