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1.3.1 Enterprise and entrepreneurship: An enterprise is an activity or a project that produces services or products. Within enterprise we have entrepreneurs. Entrepreneurship An entrepreneur is a person who organises, operates and takes risks for a new business venture. The entrepreneur brings together the various factors of production to produce goods or services. Here…
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1.2.1 Economic sectors in terms of primary, secondary and tertiary sectors: To understand the classification of business, we need to understand what an economy is. What is an economy? Economy means the resources, riches and wealth of a country. the bigger the economy the better it is for the country. The economy may raise…
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Here I have prepared a test to help you understand this chapter well. Please make sure that you watch the lesson and read the notes from this website to make sure you are really ready for the exam. Please make sure you take this Online practice test as many times as possible to make…
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In this page you will find all the tests and practices I have prepared for you to complete. Please ensure that you take all the tests available to maximise your chance of getting high grades. Each Test will have around 10-20 questions and there is no time limit so you can take your time…
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I have put this test together to help you get good understanding of the topic so please take the test as many times as you can to ensure you have understood this chapter. If you get any of the questions wrong do not worry, keep taking the test and go through the lesson again…
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1.1.1 The purpose and nature of business activity: Purpose and nature of business activity The main purpose of a business is to provide a service or goods that meet the needs and wants of its customers. Most businesses will provide their goods or services at a cost so they can make profit. However not…
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3.1 Money and banking Topic3.1.1 money3.1.2 banking GuidanceThe forms, functions and characteristics of money. The role and importance of central banks and commercial banks for government, producers and consumers. 3.2 Households Topic3.2.1 the influences on spending, saving and borrowing GuidanceIncluding income, the rate of interest and confidence – between different households and over time.…
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2.1 Microeconomics and macroeconomics Topic2.1.1 microeconomics2.1.2 macroeconomics GuidanceThe difference between microeconomics and macroeconomics and the decision makers involved in each. 2.2 The role of markets in allocating resources Topic2.2.1 the market system2.2.2 key resources allocation decisions2.2.3 introduction to the price mechanism GuidanceHow a market system works; including buyers, sellers, allocation of scarce resources, market…
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1.1 The nature of the economic problem Topic1.1.1 finite resources and unlimited wants 1.1.2 economic and free goods Guidance Definition and examples of the economic problem in the contexts of: consumers; workers; producers; and governments. The difference between economic goods and free goods. 1.2 The factors of production Topic1.2.1 definitions of the factors of…