Understanding Business 0.0 / 5 ? Business ManagementUnderstadnig BusinessNational 5SQA Created by: Gabrielle.sxCreated on: 04-05-17 17:14 4 factors of prooduction LAND- this is the natural resources needed to make the basis of the product eg; buliding premisses, coal etc LABOUR- this is the workers- the people who make the product or sell it. CAPITAL- this is the money and machinery ENTERPRISE- this is where the entrepreneur takes the above 3 productions to acheive a business idea. 1 of 3 3 sectors of industry PRIMARY- this involves the business which extract natural resources from the ground. SECONDARY- this involves the business making things TERTIARY- these types of business' either sell other comapnies goods or provide a service. 2 of 3 3 sectors of economy PRIVATE- sole trader, partnership, private limited company, public limited company, franchise PUBLIC- local council, national governement, public corporations (bbc) THIRD- charities, clubs, social enterprise 3 of 3
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