What is the difference difference between a service and a product?
A service is an intangible item such as decorating. However, a product is a more general term covering both goods and services.
1 of 7
State two reasons why a business exists.
Businesses create wealth, employment and new products. they can also enhance a country's reputation.
2 of 7
List two inputs used by a business to make goods or services.
Inputs include: people, finance, capital requirement, land & natural resources, materials & components.
3 of 7
Is the following statement true or false? 'When drawn on a graph, variable costs always start at the origin.'
True
4 of 7
State two features of a good objective.
To be effective objectives should be SMART - Specific, Measurable, Agreed, Realistic & Time Specific.
5 of 7
What is the formula for calculating revenue?
Revenue = Quantity sold x Average selling price
6 of 7
A business has total costs of £12.5 million for producing 500,000 items. the variable cost per unit of producing an item is constant at £20. What are the business's fixed costs?
£2.5 million
7 of 7
Other cards in this set
Card 2
Front
State two reasons why a business exists.
Back
Businesses create wealth, employment and new products. they can also enhance a country's reputation.
Card 3
Front
List two inputs used by a business to make goods or services.
Back
Card 4
Front
Is the following statement true or false? 'When drawn on a graph, variable costs always start at the origin.'
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