Business specialisation - Study guides, Class notes & Summaries

Microeconomics QUESTION AND CORRECT ANSWER 100 % SCORE Free goods - ANSWER Goods that are not scarce and therefore available without limits. Zero opportunity cost e.g. Air Economic goods - ANSWER A consumable item that is useful to people but scarce in relation to its demand Opportunity cost - ANSWER The value of the next best alternative foregone Positive statement - ANSWER An objective statement that can be tested, amended or rejected by referring to available evidence Normativ...

Microeconomics AS WJEC questions and answers with complete top solutions What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants 00:37 01:40 What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are t...

Microeconomics AS WJEC questions and answers with complete top solutions What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are those in finite supply ...

MNG2601 Assignment 3 Semester 2 2023 . 100% CORRECT questions, answers, workings and explanations.Question 1 Answer saved Marked out of 1.00 Flag question Question text According to John Kotter, activities of managers include _____. a. dealing with uncertainties, controlling and problem-solving b. staffing and aligning and motivating people c. coping with complexity and setting directives d. coping with change, planning and budgeting Clear my choice Question 2 Answer saved Marked out of 1.00 Fla...

iGCSE Business Studies Exam Study Guide with Complete Solutions Needs - Correct Answer️️ -We cannot live without these. Wants - Correct Answer️️ -They benefit us but are not necessary to live. Scarcity - Correct Answer️️ -Lack of sufficient resources. Needs (example) - Correct Answer️️ -Water, food, housing. Wants (example) - Correct Answer️️ -Soft drinks, chocolate, furniture. Opportunity Cost - Correct Answer️️ -The next best alternative. Factors of Production -...

MNG2601 Assignment 3 Semester 2 2023.100% CORRECT questions, answers, workings and explanations. Question 1 Answer saved Marked out of 1.00 Flag question Question text According to John Kotter, activities of managers include _____. a. dealing with uncertainties, controlling and problem-solving b. staffing and aligning and motivating people c. coping with complexity and setting directives d. coping with change, planning and budgeting Clear my choice Question 2 Answer saved Marked out of 1.00 Flag...

GCSE ECONOMICS 8136/1 Paper 1 How Markets Work Version: 1.0 Final *JUN* IB/H/Jun23/E7 8136/1 For Examiner’s Use Section Mark A B TOTAL Wednesday 17 May 2023 Afternoon Time allowed: 1 hour 45 minutes Materials You will need no other materials. You may use a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • You must answer the questions in the spaces provided. Do not write on blank...

Edexcel A-level Economics Theme 1-4 Exam 2024 Questions & Answers (graded A) Economics - ANSWERSThe study of the allocation of scarce resources. Economic Goods - ANSWERSResources that are scarce. Short Run - ANSWERSA time period where at least one factor of production is fixed. Long Run - ANSWERSA time period where all factors of production are variable. Productivity - ANSWERSThe output per unit of input. The Economic Problem - ANSWERSResources are scarce but wants are infinite. ...

Business study 2024 final exam Question with complete Answers Needs We cannot live without these. Wants They benefit us but are not necessary to live. Scarcity Lack of sufficient resources. Needs (example) Water, food, housing. Wants (example) Soft drinks, chocolate, furniture. Opportunity Cost The next best alternative. Factors of Production Resources needed to produce goods and services. Factors of Production (List) Land. Labour. Capital. Enterprise. Land All natural res...

EDEXCEL IGCSE Business Studies, latest updated Above-the-line promotion Placing adverts using the media. Acid test ratio Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. Agent or broker An intermediary that brings together buyers and sellers. Anti-competitive practices...