Business Studies Unit 1
- Created by: JoshDoling
- Created on: 29-04-16 09:30
Other questions in this quiz
2. What a sole trader?
- Someone who trades in the shoe market
- Someone who runs a business by themselves
- Someone who trades the soles of footwear
- A firm with unlimited liability
3. What is division of labour?
- When production is split into different tasks and each worker performs one of these tasks
- When a firm scales back production
- When all workers get equal pay
- When half the workers rest while the others work, as to create a constant supply line
4. What are cooperatives?
- 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
- Two or more people starting up a firm
- A Small to medium sized businesses with private shares.
5. What is the economic problem?
- The cost of the good forgone when an option is chosen
- An unlimited amount of wants but limited resources.
- Exploiting a need in the market
- An unlimited amount of resources but limited wants.
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