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Questions and Answers
What is meant by 'added value' in a business context?
What is meant by 'added value' in a business context?
- The value of shares held by stakeholders in the business
- The extra worth that a company adds to a product or service during the production process (correct)
- The total value of assets owned by the business
- The overall profit earned by the business in a financial year
Identify two advantages to workers of being members of a trade union.
Identify two advantages to workers of being members of a trade union.
- Enhanced job security and access to collective bargaining power (correct)
- Limited workplace representation and reduced benefits
- Decreased training opportunities and lack of legal protection
- Decreased job security and lower wages
In what business situations would one-way communication be suitable?
In what business situations would one-way communication be suitable?
- During brainstorming sessions and strategy development
- When seeking input for decision-making processes
- During employee feedback sessions and team meetings
- When introducing a new policy or procedure (correct)
Identify two external stakeholder groups and explain why each might be interested in a business.
Identify two external stakeholder groups and explain why each might be interested in a business.
Identify and explain two possible advantages to a company's management of its workers being members of a trade union.
Identify and explain two possible advantages to a company's management of its workers being members of a trade union.
Which of the following is an essential characteristic of specialization?
Which of the following is an essential characteristic of specialization?
What is the primary disadvantage associated with division of labour as mentioned in the text?
What is the primary disadvantage associated with division of labour as mentioned in the text?
Based on the text, added value in a business context refers to:
Based on the text, added value in a business context refers to:
In the economic problem of unlimited wants and limited resources, what does opportunity cost represent based on the text?
In the economic problem of unlimited wants and limited resources, what does opportunity cost represent based on the text?
Why is it important for businesses to combine factors of production to produce goods and services?
Why is it important for businesses to combine factors of production to produce goods and services?
What is the primary cause of de-industrialization in the secondary sector?
What is the primary cause of de-industrialization in the secondary sector?
In a capitalist economy, who makes all decisions according to the text?
In a capitalist economy, who makes all decisions according to the text?
What does the term 'capital' refer to in a business context?
What does the term 'capital' refer to in a business context?
Which type of economy involves both private and public sectors, according to the text?
Which type of economy involves both private and public sectors, according to the text?
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