Revision Studies

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Primer Sector
This sector of industry extracts and uses the natural resources of the earth to produce raw materials used by other businesses.
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Secondary Sector
This sector of industry manufactures goods using the raw materials provided by the primary sector
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Tertiary Sector
This sector of industry provides services to consumers and the other sectors of industry
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De-industrilisation
This occurs when there is a decline in the importance of the secondary, manufacturing sector of industry in a country
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A mixed economy
This has both a private and a public(state)sector.
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Capital
Capital is the amount of money invested into a business by the owners
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Business Plan
This is a document containing the business objectives and important details about the operations, finance and owners of the new business
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Sole Trader
Is a business owned by one person
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Limited Liability
Means that the liability of shareholders in a company is only limited to the amount they invested
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Unlimited Liabilty
Means that the owners of a business can be held responsible for the debts of the business they own. Their liability is not limited to the investment they made in the business
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Partnership
Is a form of business where two or more people agree to jointly own a business
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Partnership Agreement
is a written and legal agreement between business partners. It is not essential for partners to have such an agreement but it is always recommended.
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Unincorporated Business
This business does not have a separate legal identity. Sole traders and partnerships are unincorporated businesses.
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Incorporated Business
Are companies that have separate legal status from their owners.
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Shareholders
Are the owners of a limited company. They buy shares which represent part ownership of a company.
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Annual General Meeting
It is a legal requirement for all companies.Shareholders may attend to vote on who they want to be on the Board of Directors for the coming year.
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Dividends
Are payments made to shareholders from the profits(after tax) of a company.They are the return to shareholders for investing in the company.
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Franchise
Is a business based upon the use of the brand names,promotional logos and trading methods of an existing successful business. The franchisee buys the licence to operate this business from the franchisor.
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Other cards in this set

Card 2

Front

This sector of industry manufactures goods using the raw materials provided by the primary sector

Back

Secondary Sector

Card 3

Front

This sector of industry provides services to consumers and the other sectors of industry

Back

Preview of the back of card 3

Card 4

Front

This occurs when there is a decline in the importance of the secondary, manufacturing sector of industry in a country

Back

Preview of the back of card 4

Card 5

Front

This has both a private and a public(state)sector.

Back

Preview of the back of card 5
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