Business Revision

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What are needs and wants?
Needs are basic goods and services that we need to survive.-------------------------------------------------------------Wants are goods and services that aren't necessary for our survival and could be referred to as luxuries.
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What are goods and services?
Goods are tangible which means we can see and touch them, goods are an item or product.---------------------------------------------------------------Services are intangible as we can't see or touch them, services are something a business provides.
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What are the factors of production?
Land,Labour,Capital,Enterprise
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What is wealth creation?
Wealth is created by adding value to a product as it goes through the production cycle. Each stage of production adds additional value to the product.
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What are the sectors of Industry?
Primary Sector=Responsible for extracting raw materials from earth.----Secondary sector=Responsible for manufacturing products.------------Tertiary sector=Responsible for providing services and selling products
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What are the main factors which affect a business?
Size,Economic sector,objectives,sector of industry
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What are the sectors of the economy?
Private sector,Public sector,Third sector
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What are the three different types of private sector businesses?
Sole traders,Partnerships,Private limited companies.
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What are social enterprises?
Social enterprises are business what trade to tackle social problems,by improving a community by selling goods and reinvesting a large sum of money back into the business or local community.
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Other cards in this set

Card 2

Front

What are goods and services?

Back

Goods are tangible which means we can see and touch them, goods are an item or product.---------------------------------------------------------------Services are intangible as we can't see or touch them, services are something a business provides.

Card 3

Front

What are the factors of production?

Back

Preview of the front of card 3

Card 4

Front

What is wealth creation?

Back

Preview of the front of card 4

Card 5

Front

What are the sectors of Industry?

Back

Preview of the front of card 5
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