O LEVEL BUSINESS STUDIES PUBLIC OWNERSHIP

Public ownership
 Public ownership refers to any service or industry owned by the state, for example:
  National Health Service
 Emergency services
 Armed forces
 State education Central government controls these organisations.
Their main aim is to provide essential services for the whole population. They are not profit making, and the general public pays for these services through taxation. Some services are the responsibility of local government, such as refuse collection and the maintenance of parks. There are arguments for and against public ownership. First look at the advantages:
 Jobs - Usually protected, reducing unemployment.
 Resources - Key supplies, eg water and energy, can be guaranteed and controlled.
 Essential services - Health, education, housing and transport are guaranteed for everyone. The main argument for public ownership is that the whole population benefits rather than just those who can afford to pay privately. Before the creation of the National Health Service, for example, you had to pay to see a doctor. Today we pay through taxation, but those who earn less, pay less and the unemployed are provided for. Now look at the disadvantages of public ownership.
 Higher costs - Providing these services means higher costs, and higher taxes.
  Inefficiency - Large non-profit making organisations suffer from diseconomies of scale
 Governement interference - Politicians' interference can negatively affect the efficiency of an organisation The main argument against public ownership is its cost. This cost is called the Public Sector Borrowing Requirement and is funded by taxation, either directly through income tax or indirectly through National Insurance. More public services mean a higher tax bill for everybody, including those who may not benefit from them. Large public sector organisations are bureaucratic. They also often have a monopoly, and without competition, workers can become unmotivated and inefficient. During the 1980s, the government decided to privatised most of the nationalised industries in the belief that the added competition, and profit motive, would improve efficiency, and provide a better value-for-money service for the consumer.
Examples are:
 British Gas
 British Steel
 British Airways
  British Telecom Public services such as transport and refuse collection have been contracted out to private companies or deregulated by local councils

O LEVEL BUSINESS STUDIES

Business Studies O-Level By Sir Alam

Business aims and Activities Private sector aims

 The aim of a business in the private sector is to survive by making a profit. This may be a sole trader working alone, like a newsagent, or thousands of shareholders in a large Public Limited Company. Businesses gain a larger market-share [a percentage of overall sales in an industry] by increasing the sales of their products against competitors. This may involve reducing prices. To win the loyalty of customers and encourage repeat sales [Customers returning to buy the product from the same business], businesses need to be reliable and provide a quality service to their customers. Private sector activities The activities of industry can be divided into stages - primary, secondary and tertiary production. These stages form the chain of production and provide consumers with the finished goods. Primary production This involves acquiring raw materials. For example, metals and coal have to be mined; oil drilled from the ground; rubber tapped from trees; foodstuffs farmed, and fish trawled. This is sometimes known as extractive production. Secondary production Is the manufacturing and assembly process. This involves converting raw materials into components, eg making plastics from oil, and assembling the product, eg building houses, bridges and roads. Tertiary production This refers to the commercial services that support the production and distribution process, eg insurance, transport, advertising, warehousing and retail, teaching and health care.

Limiting Companies

All limited companies are incorporated [ firm with separate legal existence], which means they can sue or own assets in their own right. Their owners are not personally liable for the firm's debts their losses are limited to the amount they invested in the business (limited liability). The ownership of a limited company is divided up into equal parts called shares. Whoever owns one or more of these is called a shareholder. A public limited company (PLC) can sell its shares on the Stock Market, while a private limited company (Ltd) cannot. Unlike a sole trader or a partnership, the owners of a limited company are not involved in the running of the business, unless they have been elected to the Board of Directors.

  Public and Private Limited Companies
In general, both types of company must audit [an independent check no the accounts of the company] their accounts, and have them available for inspection. There are, however, exceptions to this rule for smaller private limited companies. Both types of company must indicate their status in their name, usually by using the abbreviation PLC or Ltd. This lets traders know that their liability is limited and that debts cannot be recovered from the personal funds of the company shareholders

. Private Limited Companies
 Advantages:-

Easy and inexpensive to set up.

Ownership and control are closely conneted, eg board of directors are usually the main shareholders.

Small and less bureaucratic than PLCs,eg Decisions can be taken more quickly.

Disadvantages:-

Lack of Capital due to no share issue.

No benefit from economies of scale, eg bulk buying , cheaper borrowing

PHYSICS IMPORTANT FORMULA

velocity
v̅ =  Δs Δt
v =  ds dt

acceleration
a̅ =  Δv Δt
a =  dv dt

equations of motion
v = v0 + at x = x0 + v0t + ½at2 v2 = v02 + 2a(x − x0) v̅ = ½(v + v0)

newton's 2nd law
∑ F = m a
∑ F =  dp dt

weight
W = m g

dry friction
ƒ = μN

centrip. accel.
ac =  v2 r
ac = − ω2 r

momentum
p = m v

impulse
J = F̅ Δt
J =  ⌠ ⌡ F dt

impulse-momentum
F̅ Δt = m Δv
⌠ ⌡ F dt = Δp

work
W = F̅Δs cos θ
W =  ⌠ ⌡ F · ds

work-energy
F̅Δs cos θ = ΔE
⌠ ⌡ F · ds = ΔE

kinetic energy
K = ½mv2

general p.e.
ΔU = −  ⌠ ⌡ F · ds
F = − ∇U

gravitational p.e.
ΔUg = mgΔh

efficiency
ℰ =  Wout Ein

power
P̅ =  ΔW Δt	P̅ = F̅v cos θ
P =  dW dt	P = F · v

angular velocity
ω̅ =  Δθ Δt
ω =  dθ dt
v = ω × r

angular acceleration
α̅ =  Δω Δt
α =  dω dt
a = α × r − ω2 r

equations of rotation
ω = ω0 + αt θ = θ0 + ω0t + ½αt2 ω2 = ω02 + 2α(θ − θ0) ω̅ = ½(ω + ω0)

2nd law for rotation
∑ τ = I α
∑ τ =  dL dt

torque
τ = rF sin θ
τ = r × F

moment of inertia
I = ∑ mr2
I =  ⌠ ⌡  r2 dm

rotational work
W = τ̅Δθ
W =  ⌠ ⌡  τ · dθ

rotational power
P = τω cos θ
P = τ · ω

rotational k.e.
K = ½Iω2

angular momentum
L = mrv sin θ L = r × p L = I ω

universal gravitation
Fg = −  Gm1m2  r̂ r2

gravitational field
g = −  Gm  r̂ r2

gravitational p.e.
Ug = −  Gm1m2 r

gravitational potential
Vg = −  Gm r

orbital speed
v = √  Gm r

escape speed
v = √  2Gm r

hooke's law
F = − k Δx

elastic p.e.
Us = ½kΔx2

s.h.o.
T = 2π √  m k

simple pendulum
T = 2π √  ℓ g

frequency
ƒ =  1 T

angular frequency
ω = 2πƒ

density
ρ =  m V

pressure
P =  F A

pressure in a fluid
P = P0 + ρgh

buoyancy
B = ρgVdisplaced

mass flow rate
I =  m t

volume flow rate
φ =  V t

mass continuity
ρ1A1v1 = ρ2A2v2

volume continuity
A1v1 = A2v2

bernoulli's equation
P1 + ρgy1 + ½ρv12 =	P2 + ρgy2 + ½ρv22

dynamic viscosity
η =  F̅/A Δvx/Δz
η =  F/A dvx/dz

kinematic viscosity
ν =  η ρ

aerodynamic drag
R = ½ρCAv2

mach number
Ma =  v c

reynolds number
Re =  ρvD η

froude number
Fr =  v √gℓ

young's modulus
F  = E  Δℓ A ℓ0

shear modulus
F  = G  Δx A y

bulk modulus
F  = K  ΔV A V0

surface tension
γ =  F ℓ

Thermal Physics

solid expansion
Δℓ = αℓ0ΔT ΔA = 2αA0ΔT ΔV = 3αV0ΔT

liquid expansion
ΔV = βV0ΔT

sensible heat
Q = mcΔT

latent heat
Q = mL

ideal gas law
PV = nRT

molecular constants
nR =Nk

maxwell-boltzmann
−  mv2 p(v) =  4v2 ⎛ ⎝ m ⎞3/2 ⎠ e 2kT √π 2kT

molecular k.e.
⟨K⟩ =  3  kT 2

molecular	speeds
vp = √  2kT m ⟨v⟩ = √8kTπm vrms = √  3kT m

heat flow rate
Φ̅ =  ΔQ Δt
Φ =  dQ dt

thermal conduction
Φ =  kAΔT ℓ

stefan-boltzmann law
Φ = εσA(T4 − T04)

wien displacement law
λmax =  b T

internal energy
ΔU = 3⁄2nRΔT

thermodynamic work
W = − ⌠ ⌡ P dV

1st law of thermo.
ΔU = Q + W

entropy
ΔS =  ΔQ T
S = k log w

efficiency
ℰreal = 1 −  QC QH
ℰideal = 1 −  TC TH

c.o.p.
COPreal =  QC QH − QC
COPideal =  TC TH − TC

Waves & Optics

periodic waves
v = ƒλ

frequency
ƒ =  1 T

beat frequency
fbeat = fhigh − flow

intensity
I =  ⟨P⟩ A

intensity level
LI = 10 log ⎛ ⎝ I ⎞ ⎠ I0

pressure level
LP = 20 log ⎛ ⎝ ∆Pmax ⎞ ⎠ ∆P0

interference fringes
nλ = d sin θ
nλ  ≈  x d L

index of refraction
n =  c v

snell's law
n1 sin θ1 = n2 sin θ2

critical angle
sin θc =  n2 n1

image location
1  =  1  +  1 ƒ do di

image size
M =  hi  =  di ho do

spherical mirrors
ƒ ≈  r 2

Electricity & Magnetism

coulomb's law
F = k  q1q2 r2

electric field, def.
E =  FE q

electric field, around charges
E = k ∑  q  r̂ r2	E = k  ⌠ ⌡ dq  r̂ r2

field and potential
E̅ = −  ∆V d
E = − ∇V

electric potential, def.
ΔV =  ΔUE q

electric potential, around charges
V = k ∑  q r	V = k  ⌠ ⌡ dq r

capacitance
C =  Q V

plate capacitor
C =  κε0A d

cylindrical capacitor
C =  2πκε0ℓ ln (b/a)

spherical capacitor
C =  4πκε0 (1/a) − (1/b)

capacitive p.e.
U =  1  CV2 =  1   Q2  =  1  QV 2 2 C 2

electric current
I̅ =  Δq Δt
I =  dq dt

ohm's law
V = IR E = ρ J J = σE

resitivity-conductivity
ρ =  1 σ

electric resistance
R =  ρℓ A

electric power
P = VI = I2R =  V2 R

resistors in series
Rs = ∑ Ri

resistors in parallel
1  = ∑  1 Rp Ri

capacitors in series
1  = ∑  1 Cs Ci

capacitors in parallel
Cp = ∑ Ci

magnetic force, charge
FB = qvB sin θ
FB = q v × B

magnetic force, current
FB = IℓB sin θ
dFB = I dℓ × B

biot-savart law
B =  μ0I ⌠ ⌡ ds × r̂ 4π r2

solenoid
B = µ0nI

straight wire
B =  μ0I 2πr

parallel wires
FB  =  μ0   I1I2 ℓ 2π r

electric flux
ΦE = EA cos θ
ΦE =  ⌠ ⌡ E · dA

magnetic flux
ΦB = BA cos θ
ΦB =  ⌠ ⌡ B · dA

motional emf
ℰ = Bℓv

induced emf
ℰ̅ = −  ΔΦB Δt
ℰ = −  dΦB dt

gauss's law
∯  E · dA =  Q ε0
∇ · E =  ρ ε0

no one's law
∯ B · dA =   0
∇ · B =   0

faraday's law
∮E · ds = −  dΦB dt
∇ × E = −  ∂B ∂t

ampere's law
∮B · ds = μ0ε0  dΦE  + μ0I dt
∇ × B = μ0ε0  ∂E  + μ0 J ∂t

Modern Physics

time dilation
t' =  t √(1 − v2/c2)

length contraction
ℓ' = ℓ √(1 − v2/c2)

relativistic mass
m' =  m √(1 − v2/c2)

relative velocity
u' =  u + v 1 + uv/c2

relativistic energy
E =  mc2 √(1 − v2/c2)

relativistic momentum
p =  mv √(1 − v2/c2)

energy-momentum
E2 = p2c2 + m02c4

mass-energy
E = mc2

relativistic doppler effect
λ  =  ƒ0  = √  ⎛ ⎝ 1 + v/c ⎞ ⎠ λ0 ƒ 1 − v/c

photon energy
E = hf

photoelectric effect
Kmax = E − ϕ = h(ƒ − ƒ0)

photon momentum
p =  h λ

schroedinger's	equation
iℏ  ∂  Ψ(r,t) = −  ℏ2  ∇2Ψ(r,t) + V(r)Ψ(r,t) ∂t 2m
Eψ(r) = −  ℏ2  ∇2ψ(r) + V(r)ψ(r) 2m

uncertainty principle
Δpx Δx ≥  ℏ  2
ΔE Δt ≥  ℏ  2

rydberg equation
1  = −R∞  ⎛ ⎝ 1  −  1 ⎞ ⎠ λ n2 n02

half life
N = N02−t/τ

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