Selling off or transferring public sector enterprises or activities to private sector firms is known as _______________.
Privatization
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seesaw
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shark
Other team loses 20 points!
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fairy
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banana
Go to last place!
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5
Developed economies try to industrialize and focus more on the secondary sector. True or False?
False. They often de-industrialize and focus more on the tertiary sector.
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monster
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seesaw
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gift
Win 20 points!
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baam
Lose 25 points!
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seesaw
Swap points!
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gift
Win 5 points!
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shark
Other team loses 25 points!
Okay!
thief
Give points!
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10
Why is de-industrialization occurring in developed economies?
Global shift in manufacturing to developing countries. Expansion of tertiary sector due to an increase in consumer spending on services.
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5
What is the formula for calculating value added?
Value Added = Selling Price - Costs of Raw Materials
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5
Someone who starts, operates and assumes the risk of a business is known as an _____________.
Entrepreneur
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5
The benefit lost by not consuming or producing the next best alternative option is called _____________.
Opportunity Cost
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5
___________ involves individuals and organizations focusing their resources on the range of tasks they perform best in order to maximize their efficiency.
Specialization
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10
How can a business try to increase its added value? Name at least 2 ways.
Increase the selling price (or) reduce the costs of raw materials.
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10
Name one advantage and one disadvantage of labour specialization.
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5
The four factors of production are ____________.
Land, Labour, Capital & Enterprise
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5
What type of economy has a large but shrinking primary sector?
Developing economy
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5
Public sector organizations are more likely to develop new and innovative products and production methods to reduce costs, boost sales and increase their profits. True or False?
False. Private sector businesses are more likely to act this way since they aim to maximize profits.
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5
What is the main aim or objective or public sector organizations?
To provide many beneficial or essential services such as healthcare, education or street lighting.
