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Some examples from this set of practice questions
1.
Name the 4 factors of production
Answer: enterprise, capitals, land and labour
2.
what is the difference between needs and wants
Answer: needs are essencial for living and limited and wants are not essencial and unlimited
3.
what are capital goods
Answer: products that can be touched or seen and that are sold to other business to help produce a good or service
4.
what does gdp mean
Answer: (gross domestic products) how much goods and services are produced in an economy
5.
what is the aim of the public sector
Answer: provide goods and services with high quality and low price
6.
suggest a way in which goverments can help entrepeneurs
Answer: low interest loan, free rental offices, reduced taxes and courses or training
7.
what are the 4 ways in which we can measure business size
Answer: revenue, number of employees, capital employed and market share
8.
what is market share
Answer: the portion of the market that a company has
9.
what does conglomerate growth mean
Answer: when companies that do not belong to the same sector and industry merch together in order to grow
10.
name everything a business plan should contain
Answer: good or service, business opportunity, objectives, financial forecast, competition, growth
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