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2023 AQA AS BUSINESS 7131/1 Paper 1 Business 1 |VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE$10.49
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2023 AQA AS BUSINESS 7131/1 Paper 1 Business 1 |VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE
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2023 AQA AS BUSINESS 7131/1 Paper 1
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2023 AQA AS BUSINESS 7131/1 Paper 1
2023 AQA AS BUSINESS 7131/1 Paper 1 Business 1 |VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE
difference between a customer and a consumer - ANSWER-A customer is someone who buys the product from the business
A consumer is someone w...
2023 AQA AS BUSINESS 7131/1 Paper 1
Business 1 |VERIFIED EXAM QUESTIONS AND
CORRECT ANSWERS ALL GRADED
A+|GUARANTEED SUCCESS|LATEST UPDATE
difference between a customer and a consumer - ANSWER-✔A customer is
someone who buys the product from the business
A consumer is someone who uses goods and services produced by businesses
three objectives of entrepreneurs - ANSWER-✔(1) They want to be their own boss
and make their own decisions
(2)They want to keep all the profits for themselves - they earn more money than of
they were employed by someone else
(3)They are unhappy with their present job and want to do something different
Capital, Enterprise, Land, Labour - ANSWER-✔Factors of Production
opportunity cost - ANSWER-✔The sacrifice we make whenever we decide to do
anything
Primary Sector - ANSWER-✔it's the first stage or production and uses raw materials
- FARMS, OIL EXPLORATION OR FISHING FLEETS
State characteristics of entrepreneurs. - ANSWER-✔Innovative, Risk Taking, Hard
Working and determined, organised
, two changes in technology that can affect a business - ANSWER-✔gives new ways of
producing products
makes new products themselves - self driving cars
two changes in economy that can affect a business - ANSWER-✔a sudden increase
in prices of raw materials, rise in costs and falling levels of unemployment making it
easier for people to find jobs
two reasons why an entrepreneur might want to become a sole trader - ANSWER-
✔you are your own boss, easy to set up
disadvantages of a sole trader - ANSWER-✔- Unlimited liability
- May lack finance
- Heavy workload
- May not have all the skills required
- Difficult to take a holiday
limited liability - ANSWER-✔A form of business ownership in which the owners are
liable only up to the amount of their individual investments.
unlimited liability - ANSWER-✔The owner is personally and fully responsible for all
losses and debts of the business
main difference between unlimited and limited liability - ANSWER-✔level of risk
that a business is willing to take
Two advantages of a partnership compared to being a sole trader - ANSWER-✔-
Share skills
- More sources of finance than a sole trader
Partnership - ANSWER-✔a business owned by two or more people
Disadvantages of Partnership - ANSWER-✔- May disagree with other partners
- Liable for the actions of the other partners and share profits
Deed of partnership - ANSWER-✔a legal document drawn up by a solicitor/lawyer
setting up rules for the partnership
Why might someone buy shares of a business? - ANSWER-✔Buying shares gives the
buyer part ownership of the business and therefore certain rights, such as the right
to vote on changes to the business.
Private limited company - ANSWER-✔Owned and run by shareholders who are
family and friends
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