9MN Business Studies Revision

This has the answers for the

revision sheet you were given in

class…

9ME Business Studies Revision1. What are our means?

• RESOURCES USED BY INDIVIDUALS TO GET THE THINGS THEY WANT.THEY ARE TIME, SKILLS AND MONEY.

2. State the economic problem

• THERE ARE NOT ENOUGH RESOURCES TO SATISFY OUR UNLIMITED WANTS.

9ME Business Studies Revision1. Explain the difference between needs and wants.

• NEEDS ARE THINGS WE MUST HAVE TO SURVIVE (WATER, FOOD, CLOTHING, SHELTER). WANTS ARE THINGS WE WOULD LIKE TO HAVE BUT DO NEED TO SURVIVE (iPodsS AND Mobile Phones!!!)

2. What is Opportunity Cost?• The benefit we miss out because we use

resources for one thing rather than the next best alternative (e.g. missing out on studying for science because we were studying for Business Studies!)

9ME Business Studies Revision

TYPES OF FACTORS

Entrepreneurship, Wages, Lettuce, Cars, Land, Taxi Trips, Profit, Refrigerator,

Capital, Butter, Business owner Human Resources, Video Rental, Interest, Trees,

Natural Resources, Bread, Shop Assistant, Rent.

9ME Business Studies Revision

PAYMENT FOR FACTORS OF PRODUCTION

Entrepreneurship, Wages, Lettuce, Cars, Land, Taxi Trips, Profit, Refrigerator,

Capital, Butter, Business owner Human Resources, Video Rental, Interest, Trees,

Natural Resources, Bread, Shop Assistant, Rent.

9ME Business Studies Revision

EXAMPLES OF FACTORS OF PRODUCTION

Entrepreneurship, Wages, Lettuce, Cars, Land, Taxi Trips, Profit, Refrigerator, Capital, Butter, Business owner Human Resources,

Video Rental, Interest, Trees, Natural Resources, Bread, Shop Assistant, Rent.

9ME Business Studies Revision

GOODS

Entrepreneurship, Wages, Lettuce, Cars, Land, Taxi Trips, Profit, Refrigerator, Capital, Butter, Business owner Human Resources,

Video Rental, Interest, Trees, Natural Resources, Bread, Shop Assistant, Rent.

9ME Business Studies Revision

SERVICES

Entrepreneurship, Wages, Lettuce, Cars, Land, Taxi Trips, Profit, Refrigerator, Capital, Butter, Business owner Human Resources,

Video Rental, Interest, Trees, Natural Resources, Bread, Shop Assistant, Rent.

Functions of Money Which is …..

Means Of Exchange You can exchange it for a product that you want.

A Measure of Value You can use it to compare prices (e.g. $1.50 vs. $3.00)

A Store Of Value If you keep it in your pocket it is still valuable later…

Means Of Deferred Payment

You can agree on a price and arrange to pay the seller back later!

Qualities of money = SLAPDDR

NOTE – THESE ARE ONLY BRIEF SUMMARIES NOT FULL EXPLANATIONS – REFER TO

YOUR WORKBOOK!

• S = Stable in Value (Holds value over time)• L = Limited in supply (Scarce)• A = Acceptable (Can be used everywhere)• P = Portable (Easy to carry)• D = Divisible (Can give change)• D = Durable (Tough)• R = Recognisable (Easy to spot)

9ME Business Studies Revision

Making Cheques Safe

1. Cross the cheque

2. Write “Account Payee Only” between the lines.

3. Write “Only” after the amount.

4. Fill out the cheque butt.

5. Write the name of the payee. Cross out “Or Bearer”!