O'Level  &

What are the types of business organisation and its form

To combine and organise scarce productive resources to produce goods and services to fulfil the needs and wants of consumers

A business plan is a document that contains information on how to start and run a business

Poor entrepreneurial skills, lack of planning and research, failure to obtain financing, wrong location for the business

What are the difference between an incorporated and unincorporated business entity and different forms of businesses

Grants, tax incentives, low-cost loans, facilities or rental free premises and training support

Because it encourages economic growth, reduce unemployment, increase competition while ensuring price stability and balance of payment

Business growth is a key business objective

Why are some businesses small

Size of capital employed, market share, revenue/output volume, number of employees

Internally or externally

The key business objectives are profit, market share, growth and survival

By primary, secondary or tertiary sectors

Industrial structures are determined by the different sizes of the industrial sectors in the national economy.

What is private and public sector?

The difference between the product price and cost of materials or resources used to produce it.

Opportunity cost happens when we forgo an alternative activity or use of resources to produce goods and services. The benefits from...

Producing one or very few products to maximize productivity with limited resources

A person takes risk and makes decision to organise resources to produce goods and services

Understand and classify business activities, their different types of organisation and stakeholders, how they grow and their objectives