Gowri plans to start up her own business using her savings. She wants to produce fashion clothes for women. She is a very good clothes designer bu she does not like stitching clothes together. Two friends have offered to he Gowri. Abha is an experienced material or fabric cutter - she can cut lengt of material or fabric for clothes with very little wastage. Aditi is quick at sewing fabric together. c Outline two possible opportunity costs that Gowri may have from her decision to start her own business. d Explain one advantage and one disadvantage to Gowri's business of using division of labour in making clothes. e Do you think that Gowri's business will be able to sell all of the clothes that it makes? Justify your answer.
Answers
Answer:
Exam style questions - paper 1 page 10
Gowri plans to start up her own business using her own savings. She wants to produce fashion clothes for women. She is a very good clothes designer but she does not like stitching cloths together. Two friends have offered to help Gowri. Abha is an experienced material cutter - she can cut lengths of material for clothes with very little wastage. Aditi is quick at sewing.
What is meant by business?
A business is basically a group of people who work together to achieve a common goal. People work in a business to create and sell goods and services. Other people are the ones who purchase the goods and services.
b) Identify two factors of production that Gowri will need for her new business.
The two factors of production Gowri will need include land and labour
c) Identify and explain two possible opportunity costs that gowri may have from her decision to start her own business.
Opportunity cost refers to the things that we forgo in order to achieve another thing. In this case, she will forgo leisure and something else that could have used the money for.
d) identify and explain one advantage and one disadvantage to Gowri’s business of using division of labour in making clothes.
An advantage of division of labour is that it makes work easier while the disadvantage is that it leads to repetition since the workers continue to do the same thing every time.
e) do you think that Gowri’s business will be able to sell all of the clothes that is makes? Justify your answer.
I think Gowri’s business will not be able to sell all the clothes that it makes even though she’s a good designer. She’s just starting up and it’ll take time before she’s well known.
Explanation:
Answer:
A fashion designer usually has full control of a fashion show, often picking the models, determining the price of each garment, and arranging how the garments will be presented. Most have assistants to help with all the many small details, but overall, the fashion designer maintains full control.
Explanation:
- Any organisation that brings resources together to produce a good or service to satisfy wants.
- Sewing machine
- Aditi’s labour (sewing skills)
- Other relevant answers possible.
- Buying a sewing machine means that Gowri has less money to spend another items, for example, on a computer to keep a record of the accounts of her business; the next most desired one would be the opportunity cost.
- Time that Gowri spends on setting up her business means that she cannot learn money designing clothes for another business.
- Advantage: Aditi will become even more skilled at sewing and Abha cutting. This will make Gowri’s business more efficient.
- Disadvantage: Gowri will not learn these other skills as she may spend all her time designing dresses. If Aditi is ill there will be no one to sew the dresses and production will fall.
- Sales of dresses will depend on how good the designs are and the quality of the dresses. If other businesses exist then there will be a lot of competition which will reduce chances of success. If Gowri knows what her customers want in terms of designs, price and quality then this will increase chances of selling all dresses the business makes.
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