The Purpose Of Business - spider diagram
- Created by: AmeliaCooper
- Created on: 09-06-18 13:09
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- THE PURPOSE OF BUSINESS
- TYPES OF BUSINESS
- Manufacturer
- A business which takes raw materials and turns them into goods for sale. e.g coca cola
- Retailer
- A business which buys goods then sells them on to customers for profit. e.g shops
- Social Enterprise
- A business whose primary aim is to do good for the local, national and international community.
- Distributor
- A business who delivers goods to various customers via road, rail, sea and air
- Service Provider
- A business which makes money from providing a service for businesses and customers
- Manufacturer
- WHY DO BUSINESSES EXIST
- To share ideas
- To educate people
- Good for the economy
- To help the envrironment
- To make money
- To make goods
- To help people
- GOODS, NEEDS, SERVICES AND WANTS
- Durable goods
- Goods that you buy and expect them to last a long time.
- Consumable goods
- Goods that you buy, use up quickly, then buy again.
- Services
- You usually pay for a service as you are using it. When you have finished using it then you will have no more or no less than you originally started out with.
- Needs
- A need is essential. e.g water
- Wants
- A want is a luxury. e.g pillows
- Durable goods
- SECTORS OF INDUSTRY
- Primary sector
- Extracting, gathering or growing raw materials. e.g farming
- Secondary sector
- Turning raw materials into something
- Tertiary sector
- Provides a service. e.g hotels
- Primary sector
- FACTORS OF PRODUCTION
- Capital (money) - every business needs money invested into it
- Land - the premises that the business is on
- Labourers - workers
- Enterprise (an idea) - someone needs to come up with the idea to start the business
- WHY BE AN ENTREPRENEUR
- Benefits
- You can be your own boss
- To pursue an interest
- Independence
- To earn more money
- To take control
- To help people
- Drawbacks
- You could lose money
- It could take over you life
- You have to work long hours
- Stress
- Benefits
- TYPES OF BUSINESS
- opportunity cost - The benefits that you have to give up in order to take a certain course of action.
- Market - a place where buyers and sellers meet to exchange goods
- Barter - when you exchange goods for the things you need
- Gap in the market - when an entrepreneur comes up with a business idea that satisfies a need that is not currently being met.
- entrepreneur - A person who has a business idea and shows enterprising skills in order to make it successful
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