The purpose and nature of business
- Created by: 14kumari4079
- Created on: 14-10-17 14:09
View mindmap
- The purpose and nature of business.
- What is a business?
- Why start up a business?
- People start a business because they believe there is a gap in the market.
- Someone may start a business to make goods or provide services they believe the customer will pay for.
- To distribute goods. Buy goods from manufacturer and sell to other businesses.
- To benefit other people. e.g. charities.
- To invest in a franchise.
- Why start up a business?
- Businesses supply goods or services.
- Goods
- A good is something that the customer can hold. They are physical objects.
- Services
- A service is are actions performed by others to aid the customer.
- When purchasing a good or service the customer will either need or want it.
- Need
- A need is something a person needs in order to survive.
- For example you need: warmth, shelter, food.
- A need is something a person needs in order to survive.
- Want
- A want is something is a good or service that a person desires but does not need in order for survival.
- For example a person may want: A phone, holidays, entertainment and other luxuries.
- A want is something is a good or service that a person desires but does not need in order for survival.
- Need
- Goods
- The three factors of economy.
- The primary sector.
- These businesses produce the raw materials by extracting it from natural resources.
- For example: Farming, mining, oil exploration, fishing.
- These businesses produce the raw materials by extracting it from natural resources.
- The secondary sector
- These businesses used the raw materials and make the products.
- For example: Car manufacturing, clothing maker, construction
- These businesses used the raw materials and make the products.
- The tertiary sector.
- These businesses distribute the products and provide the service.
- For example: Shops, transport, hairdressing, banking, entertainment
- These businesses distribute the products and provide the service.
- The primary sector.
- The four factors of production.
- capital
- the buildings and machinery needed for the business.
- enterprise
- The entrepreneurs' who set up the business.
- land
- Where the business is based.
- Where they get their natural resources from.
- labour
- The people working in the business.
- capital
- What is a business?
Similar Business Studies resources:
Teacher recommended
Comments
Report