Extracting and using materials from the ground. (mining, fishing and agriculture)
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What is a secondary sector of industry?
The manufactoring sector such as textiles, shipbuilding and cars.
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What is a tertiary sector of industry?
Tertiary is selling goods and services. This includes health care, leisure, retailing and marketing.
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What is a stakeholder?
They are an organization that has a direct or and indirect stake in an organization.
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What is a Private Limited Company?
A company in which a number of shareholders (not more than 50) contribute funds to the company in return for shares. Shares can't be sold on the stock exchange. It's a business owned by shareholders.
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What is a Public Limited Company?
A company in which a unlimited number of shareholders contribute funds to the company in return for shares. Shares can be sold on the stock exchange.
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What are the four factors of production?
Land, labour, capital and enterprise.
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What is meant by the term "scarcity"?
A limited amount of availibility with a huge demand.
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What is a fixed cost?
The price of something that will not change no matter how many products you sell. E.g water rates.
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What is a variable cost?
The price of something which will change according to how many products you sell. E.g raw materials.
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What is break even?
Break even is used to calculate the amount of products/customers a business requires in order to cover the costs of production and make a profit.
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