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Private sector: business activity owned financed and controlled by private individuals (e.g. a
Self-employed traders (e.g. construction, trades)
Professional firms (e.g. consulting finance, laws)
Small or large businesses
Public sectors: business activity owned financed and controlled by the state through government or
Government sets policy
Local authorities county Councils
Hospitals NHS (in UK you can treated for free)
Public corporations BBC (1460 RMB)
Non-profit making: a third type of enterprise, including charities and voluntary organisations. These
art set up to fulfill a perceived social need or to provide help to a specific section of the community.
Deciding on what to produce:
Resources found on earth are finite or in limited supplies (e.g. crude oil, aluminate)
Managing scarce resources
Choice must be made.
Furniture & houses can be made from timber so a decision needs to be made. If they decide to build
furniture instead of houses, then HOUSES are the opportunity cost.
(Opportunity cost - the next best alternative given up by choosing another item)
Factors of production
Land includes all resources that occur naturally (crops, fish, coal)
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Labour effect of work provided by people
Capital includes items used in the production of goods and services made by people.
Enterprise the ability, skill and enthusiasm to take risks involved in developing a business idea and
gathering appropriate resources.
Labour-intensive production can often be found in many developing countries.
Labour-intensive production means labour is plentiful and relatively cheap compared with
the technology available to do the job. (farming, manufacturing etc.…read more