Someone who starts, operates and assumes the risk of a business is known as an _____________.
Entrepreneur
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5
Selling off or transferring public sector enterprises or activities to private sector firms is known as _______________.
Privatization
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___________ 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
Name one advantage and one disadvantage of labour specialization.
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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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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.
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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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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
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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thief
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What type of economy has a large but shrinking primary sector?
