Study guides, Class notes & Summaries

Business OCR Level 3 Unit 1 [Graded A+] Last document update:   ago

Unlimited liability - Answers]when the owners of a business are personally liable for all debts incurred by the business, if the business itself does not have the funds to repay them Limited Liability - Answers]when the owners of a business are liable for the debts incurred by the business only to the value of their investment in the business diseconomies of scale - Answers]when a business becomes too large the cost per unit may increase and the business may become more inefficient Busi...

Business OCR Level 3 Unit 1 Last document update:   ago

Retail customers - correct answer customers who buy finished products, e.g. frozen peas from a supermarket Business customers - correct answer businesses that purchase products or services from another business Unlimited liability - correct answer when the owners of a business are personally liable for all debts incurred by the business, if the business itself does not have the funds to repay them Limited Liability - correct answer when the owners of a business are liable for the de...