Business study revision

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What are wants and needs?
A need is food and water. A want is a Xbox or a new phone
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What is Opportunity cost ?
Opportunity cost is. If you have a boiler that is broke and you need to have it fixed but at the same time you want to go on holiday. So then you need to decide which one is more important.
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What is Specialisation ?
Specialisation is where you concentrate at what you are good at. They just produce what they are good at.
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What is Division of labour?
Division of labour is where the production process is split up into different parts. So then the workers will form specialisation.
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What is Added value ?
Added value is where you buy a item and you sell it for more.the difference of what you pay for it and how much you sell it for.
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What is Primary,secondary and tertiary
Primary is where you get the raw materials out the ground.oil fish.farming Secondary is where they take the raw materials and get processed so we can use them. Farming get potatoes and then they get cleaned so we buy them.
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Who are Stakeholders?
Stakeholders are Owners, Mangers,Employees,Local residents,Pressure group,Customers,Suppliers,Government.
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What is a Stake holder?
Is a individual that has an interest in a business or organization
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Other cards in this set

Card 2

Front

What is Opportunity cost ?

Back

Opportunity cost is. If you have a boiler that is broke and you need to have it fixed but at the same time you want to go on holiday. So then you need to decide which one is more important.

Card 3

Front

What is Specialisation ?

Back

Preview of the front of card 3

Card 4

Front

What is Division of labour?

Back

Preview of the front of card 4

Card 5

Front

What is Added value ?

Back

Preview of the front of card 5
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