firms engaged in farming, fishing oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms
primary sector business activity
1 of 22
firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes-making and construction
secondary sector business activity
2 of 22
firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications
tertiary sector business activity
3 of 22
comprises organisations accountable to and controlled by central or local government (the state)
public sector
4 of 22
comprises businesses owned and controlled by individuals or groups of individuals
private sector
5 of 22
economic resources are owned and controlled by both private and public sect sectors
mixed economy
6 of 22
economic resources are owned largely by the private sector with very little state intervention
free-market economy
7 of 22
economic resources are owned, planned and controlled by the state
command economy
8 of 22
a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits
sole trader
9 of 22
a business formed by two or more people o carry on a business together, with shared capital investment and, usually, shared responsibilities
partnership
10 of 22
the only liability - or potential loss - a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder
limited liability
11 of 22
a small of medium-sized business that is owned by shareholders who are often members of the same family; this company cannot sell shares to the general public
private limited company
12 of 22
a certificate confirming part ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights
share
13 of 22
a person or institution owning shares in a limited company
shareholder
14 of 22
a limited company, often a large business, with the legal right to sell shares to the general public - share prices are quoted on the national stock exchange
public limited companies
15 of 22
this states the name of the company, the address of the head office through which it can be connected, the maximum share capital for which the company seeks authorisation and the declared aims of the business
Memorandum of Association
16 of 22
this document covers the internal workings and control of the business - for example, the names of directors and the procedures to be followed at meetings will be detailed
Articles of Association
17 of 22
a jointly owned business that produces or distributes good or services operated by members for their mutual benefit - as in consumers' cooperatives or farmer's cooperatives
cooperative
18 of 22
a business that uses the name, logo and trading systems of an existing successful business
franchise
19 of 22
two or more businesses agree to work closely together on a particular project and create a separate business division to do so
joint venture
20 of 22
a business organisation that owns and controls a number of separate businesses, but does not unite them into one unified company
holding company
21 of 22
a business enterprise owned and controlled by the state - also known as nationalised industry
public corporation
22 of 22
Other cards in this set
Card 2
Front
firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes-making and construction
Back
secondary sector business activity
Card 3
Front
firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications
Back
Card 4
Front
comprises organisations accountable to and controlled by central or local government (the state)
Back
Card 5
Front
comprises businesses owned and controlled by individuals or groups of individuals
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