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Unit 1 Andrew Mac
| Question | Answer |
|---|---|
| What are the 4 Factors of production? | Land Labour Capital and Enterprise |
| What are the sectors of business activity ? | Primary , Secondary and Tertiary sector |
| What is a sole trader ? | A business which is owned and managed by one person ( e.g small shops , plumbers and hairdressers) |
| What is a Partnership? | Type of business that is owned and controlled by 2 or more people but less than 20. |
| What is a Private Limited Company ( Ltd ) ? | This type of company that has shares which are only available privatelt and CANNOT be purchased by the general public. |
| What is a Public limited company ( Plc ) ? | Type of company that has shares which the general public CAN buy through the stock exchange. |
| What is a Franchise ? | Franchises are businesses where one firm pays for the right to run under the name od another and is able to sell its products and services. E.g McDonalds |
| What is a Franchisee ? | The person or firm who owns and runs the business. |