What is a mission statement for a business?
- A document outlining the legal structure of the company
- A statement describing the company's long-term goals and purpose
- A financial statement detailing the company's profits and losses
- A marketing plan for a new product
Improving efficiency by investing in new machines and processes is called…
- Purchasing economies of scale
- Technical economies of scale
- Service economies of scale
- Production economies of scale
What is a mission statement for a business?
- A document outlining the legal structure of the company
- A statement describing the company's long-term goals and purpose
- A financial statement detailing the company's profits and losses
- A marketing plan for a new product
When a business weighs up the pros and cons of choosing one decision over another, it is known as…
- The capital risk
- Economic uncertainty
- The opportunity cost
- The financial burden
Which of the following is not a primary sector activity?
- Mining
- Retailing
- Farming
- Fishing
Which of the four factors of production could be described as "the physical or natural resources used in production"?
- Land
- Labour
- Capital
- Enterprise
In a market economy, what determines the prices of goods and services?
- Government regulations
- Supply and demand
- Central planning
- The number of businesses in the industry
Which of the four factors of production could be described as "the entrepreneur founding the business"?
- Land
- Labour
- Capital
- Enterprise
Which expansion activity is classed as "internal"?
- Buying a competitor
- Being acquired by a larger competitor
- Conglomerate integration
- Opening a new store
Which is an example of external expansion?
- Opening a new store
- Increasing production capabilities
- Buying a competitor
- Opening an online store
