business in the real world 0.0 / 5 ? Business StudiesOwnership and controlGCSEAQA Created by: bertie321Created on: 20-12-21 12:56 what is a good they are physical items eg: books 1 of 21 what is a service they are actions performed b y other people to aid the customer eg: barbers 2 of 21 one reason why a business is set up the owners think that they will produce a good or provide a service that a customer will pay for. 3 of 21 what is the primary sector raw materials 4 of 21 what is the secondary sector manufacturing goods 5 of 21 what is the tertiary sector they provide services 6 of 21 why might people become entrepreneurs Financial reasons, gap in the market and some people like to be there own boss 7 of 21 what qualities does an entrepreneur need hardworking, organised, creative and risk taking 8 of 21 what are the four factors of production land, labour, capital and enterprise 9 of 21 what is a opportunity cost it is a benefit that's given up in order to do something else 10 of 21 sole traders +=easy and you get to be your own boss -long hours and unlimited liability 11 of 21 parnerships + more ideas and share the workload -unlimited liability and profits are shared 12 of 21 Ltd + limited liability and owners have a lot of control - expensive and they have to publish accounts 13 of 21 Plc +more capital and easier to expand - accounts have to be made public and easy for someone else to take over the company 14 of 21 what are the different aims for a business survival, maximise profits, growth, increase shareholder value and increase market share 15 of 21 what may influence what objective a company will have the size of the business, the level of competition and the type of business 16 of 21 why do businesses use objectives to measure success 17 of 21 what revenue it is the income earned by the business 18 of 21 what are costs they are the expenses paid pout by the business 19 of 21 what is profit revenue take away costs 20 of 21 what is ecommerce this is where a firm sells products on the internet 21 of 21
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