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S3 BM Revision

revision for s3 exam

QuestionAnswer
Name the four factors of production Land, Labour, Capital, Enterprise
Describe Land natural resources such as oil, water and the land itself
Describe Labour the work force, the mental and physical efforts of all the people who work for the organisation
Describe Capital resources such as machines, tools, and equipment
Describe Enterprise coming up with the idea for the business and combining the factors of production
Describe a Partnership a business that is owned and controlled by 2-20 people
Advantages of a Partnership shared work, can specislise in certain areas of the business
Disadvantages of a Partnership unlimited liability- partners can lose persinal possesions, partners can leave or new partners can be taken on
Objectives of a Business growth, survival
Created by: emmamcshannonX
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