Podcast
Questions and Answers
What percentage of the UK business population is made up of SMEs?
What percentage of the UK business population is made up of SMEs?
- 75.2%
- 50.1%
- 89.5%
- 99.9% (correct)
Which of the following is NOT an impact of SMEs on the economy?
Which of the following is NOT an impact of SMEs on the economy?
- Pay taxes
- Increase import reliance (correct)
- Attract foreign trade
- Provide employment
How do SMEs primarily contribute to competition in the market?
How do SMEs primarily contribute to competition in the market?
- By reducing market entry for new businesses
- By offering limited specialization
- By creating monopolies
- By supplying unique goods and services (correct)
Which of the following is a social benefit provided by SMEs?
Which of the following is a social benefit provided by SMEs?
What role do SMEs play in attracting foreign trade?
What role do SMEs play in attracting foreign trade?
Flashcards
SME Importance to UK Economy
SME Importance to UK Economy
SMEs (Small and Medium-sized Enterprises) are vital to the UK economy, accounting for a large portion of businesses and impacting various sectors.
SME Impact on Businesses
SME Impact on Businesses
SMEs create competition, supply goods/services, offer specialized knowledge & services, and act as customers.
SME Impact on Economy
SME Impact on Economy
SMEs boost the economy through jobs, taxes, social welfare, enhanced competitiveness, and attracting overseas trade.
SME's Role in UK Business
SME's Role in UK Business
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SMEs and Businesses: Relationship
SMEs and Businesses: Relationship
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Study Notes
Importance of SMEs in the UK Economy
- SMEs (Small and Medium-sized Enterprises) represent the vast majority of businesses in the UK (99.9%).
- They are crucial to the UK economy due to their significant contribution to:
- Competition
- Supply of goods and services
- Specialized expertise
- Purchasing of goods and services from other businesses.
- SMEs contribute to the economy by:
- Creating jobs
- Paying taxes
- Contributing to social welfare
- Generating economic benefits
- Increasing competitiveness
- Attracting foreign trade
Impact on Businesses and the Economy
- SMEs foster competition amongst businesses.
- SMEs provide goods and services to larger businesses and consumers.
- SMEs offer specialized knowledge and unique skills.
- SMEs buy goods and services from other businesses, supporting their operations.
- SMEs provide employment opportunities.
- SMEs contribute to the tax base of the economy..
- SMEs contribute to social welfare benefits.
- SMEs enhance economic benefits by generating increased output, and strengthening competitiveness.
- SMEs attract foreign trade and investment, potentially driving economic growth.
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