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1. The best indicator of an economys health is its total output of goods and services, which is called the gross national product or, simply, GNP.
2. The EU which the UK joined in 1973 accounts for three-fifths of the countrys trade.
3. The forces of supply and demand work most effectively in markets with a large number of sellers and buyers, each with reasonably accurate information, who are competing to buy a relatively homogeneous product.
4. From the legal point of view proprietorships, partnerships and corporations are the basic kinds of business firms.
5. To some extent the company success and the morale of its workers is dependent on the leadership of the Board Directors.
6. Under the managing director there is a horizontal organization of department heads: Production Manager, Marketing Manager, Sales Manager, Chief Accountant, and Personal Manager.
7. The types of non-store retailing are considered to be vending machines, door-to-door sales and catalogue sales.
8. Wholesalers are known to reduce the number of contacts between producers and customers.
9. Barter was a system of direct exchange of goods: somebody could exchange, for example, a sheep for anything in the market place tat they considered to be of equal value.
10. If the company is making a profit, other people may want to buy shares in it, so you can be able to sell the shares at a higher price than you paid for them.
11. The proprietor is responsible for all personal debts and losses.
12. The real difference between public and private firms arises from the fact that the private ones cannot raise money by selling shares to the public, in contrast to the public ones which can do so by issuing shares and bonds to be offered for sale on the Stock Exchange.
13. Suggestions which customers make to the retailer are passed to the wholesaler who conveys them to the manufacturer.
14. If you consider sales in credit you should review the advantages of this policy.
15. The retailer performs the last stage of the production process for it is he who puts the goods in the hands of the actual customers, following the rule to have the right goods in the right place at the right time.
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