True or False: Supply is the quantity of a good or service that consumers are willing and able to purchase.
False
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.
True or False: The goods and service market is also sometimes referred to as the product market.
True
What is the remuneration for labour?
salaries and wages
What is a blue-collar worker?
A person who does physical work, usually works in a manufacturing organisation.
Explain the interaction between households and businesses on the Factor Market
Households sell their factors of production to businesses in exchange for remuneration.
Explain the interaction between Households and Businesses on the Goods and Services Market.
Business sell goods and services to Households in exchange for money.
True or False: A person who is well-educated and has a diploma or degree in a certain skill is seen as semi-skilled labour.
False
What is unskilled labour?
A worker with very little, if any, education training.
What remuneration do shareholders get for providing capital?
Dividends
What do we call the act that states what workers' rights are?
The Basic Conditions of Employment act.
What is a market?
Any form of communication between buyers and sellers to negotiate the sale of a good or service.
What remuneration does the owner get for providing capital?
Profit
What remuneration does a bank get for providing start-up capital?
Interest
Which factor of production bring all the other factors together?
Entrepreneurship
True or False: The following are characteristics of a good Entrepreneur- confident, hardworking, enjoy challenges, determined, enjoy taking risks and creative.
True
What is revenue?
Income
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
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.
Name two inputs in the production process of fried chicken
Answers will vary
What are the 4 Factors of Production?
Capital, Entrepreneurship, Land (Natural Resources), Labour
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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