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Business A Level Definitions / 100% CORRECT Answers
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23
December 2023
2023/2024
A+
Privatisation - The action of selling business organisations owned and controlled by the state
to investors in the private sector
Nationalization - Occurs when privately owned business transfer ownership and control to
the state
Minimum Wages - Employers are forbidden to pay lower than the determined minimum
wage per hour/week/month
Monopoly - A market where only one supplier exist
Collusion - An agreement between businesses which restricts competitions by fixing prices
and sharing c...
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