1. 9MN Business Studies Revision This has the answers for the revision sheet you were given in class…

2. 9ME Business Studies Revision 1.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.

3. 9ME Business Studies Revision 1.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!)

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. Functions of MoneyWhich is ….. Means Of ExchangeYou can exchange it for a product that you want. A Measure of ValueYou can use it to compare prices (e.g. $1.50 vs. $3.00) A Store Of ValueIf 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!

10. 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)

11. 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”!