business - why businesses exist
- Created by: Muskaan Dhaliwal
- Created on: 02-08-19 08:49
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- what are businesses?
- businesses
- business sectors
- primary sector
- produces raw materials
- can be grown
- e.g. the farming industry grows food
- can be extracted
- e.g. the mining industry provides coal and oil "extracted" from the earth
- can be collected
- e.g. fishing industry "collects" fish from the sea
- can be grown
- produces raw materials
- secondary sector
- manufactures goods
- e.g. a chocolate factory turns cocoa and milk (raw materials) into chocolate
- the building and construction industries are also in the secondary sector
- manufactures goods
- tertiary sector
- provides services
- some firms provide services for other businesses
- e.g. warehousing and advertising
- b to b
- some firms provide services for consumers
- e.g. hairdressers, shops and restaurants
- b to c
- financial services are used by both businesses and consumers
- e.g. banks and insurance
- some firms provide services for other businesses
- provides services
- primary sector
- reasons for setting up a business
- be your own boss
- financial gain
- escape employment
- to pursue an idea
- gap in the market
- business sectors
- sell products or services to customers willing to pay
- products
- physical items
- e.g. furniture and books
- tangible
- physical items
- services
- actions performed by other people to aid the customer
- intangible
- e.g. barbers and plumbers provide services
- actions performed by other people to aid the customer
- products
- businesses
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