Need for business activity

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  • Created by: Hollie
  • Created on: 31-12-12 15:14

Needs

Something a person needs to live

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Wants

Something a person can live without but they still want, i.e computers

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stakeholders

People who have an intrest in a business, i.e a stakeholder of tesco would be asda (competition)

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aims

the general statements or sentences that identify the target of a program

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objectives

specific target set in order to achieve the goal on a larger front


A SMART target

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oppertunity Cost

What is lost from making a decision i.e the store owner can either buy some shelves or a till, the oppertunity cost wen he buys the shelves is the till

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Public sector

A free service for the public ran by the government

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Private Sector

Businesses ran by private individucals that have the main aim of making a profit

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Primary Sector

The extraction of raw materials from the ground

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Secondary Sector

The manufacturing of the raw material into a product

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Tertiary Sector

Businesses that sell the manufactured product and services

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Interdependance

When one business depends on the other so that it can survive

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De-industrialisation

The decline in employment in the secondary sector of a country

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