Stages that a product passes through until it reaches the final consumer
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Give an example of chain of production
Oil rig - Oil refinery - Petrol station
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What are the three sectors?
Primary, secondary and tertiary
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What is the primary sector? Give another example
Extractive industries E.g. Forestry, farming and mining, gas and oil extraction
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What is the secondary sector? Give an example
Concerned with manufacturing - E.g. Factories, building houses, office blocks and roads
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What is the tertiary sector? Give an example
Concerned with the output of services. Such as retail, banking, leisure, teachers and doctors etc
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What is meant by the private and public sector?
Private: Business owned and run by private individuals - usually for profit Public: Businesses and organisations owned and run by local or central government
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What is an entrepreneur?
A risk taker who sets up a business, organising the business's resources with the aim of making a profit
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What is a sole trader?
Owns the business and makes all the decisions effecting it, he or she is in overall control
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What is a partnership?
Where 2 or more people run a business together, as far as the law is concerned, they are partners
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Define a private and public limited company
Private: Family businesses, where no shares are sold - or difficult to encounter Public: Shares can be traded and tend to be of bigger size
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What is a franchise?
Where the franchiser lets a franchisee set up their own business using that brand
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How can you measure the size of a business?
Number of employees, Number of factories/shops/offices, turnover & profit levels, stock market value and capital employed
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