A worker employed with the assumption that they will be staying with the business for a long period of time is named a ... a) White-collar worker b) Permanent worker c) Skilled laabour
Permanent worker
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15
Which factor of production bring all the other factors together?
Entrepreneurship
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20
Why is it risky to invest borrowed money rather than use your own money in your business?
Borrowed money must be paid back to the investor.
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15
What remuneration do shareholders get for providing capital?
Dividends
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15
A worker employed for a certain period of time is known as a ... a) permanent worker b) temporary worker
temporary worker
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10
True or False: The following are characteristics of a good Entrepreneur- confident, hardworking, enjoy challenges, determined, enjoy taking risks and creative.
True
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What is revenue?
Income
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15
What is a blue-collar worker?
A person who does physical work, usually works in a manufacturing organisation.
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20
What is the difference between own and borrowed money?
Own money is capital an owner invests into a business from his own sources. Borrowed money is capital that is obtained from external sources.
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15
True or False: The goods and service market is also sometimes referred to as the product market.
True
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True or False: Supply is the quantity of a good or service that consumers are willing and able to purchase.
False
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20
Explain the interaction between Households and Businesses on the Goods and Services Market.
Business sell goods and services to Households in exchange for money.
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15
What is a market?
Any form of communication between buyers and sellers to negotiate the sale of a good or service.