Setting up businesses and types of ownership 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: rozy.rivera.008Created on: 07-01-19 20:57 Business A trade between two things 1 of 15 Sole trader The smallest type of businesses where someone trades on their own 2 of 15 Partnership Where 2- 20 people run a busineses together 3 of 15 What are advantages of soletrader? You get all the money and make all decisions 4 of 15 Disadvantages of sole trader Full responsibility and no one to cover you 5 of 15 What are advantages of partnership? Share ideas and tasks 6 of 15 Goods Physical items like books or furnitures 7 of 15 Services Actions performed by other people to aid the customer, e.g barbers and plumbers 8 of 15 (FINISH THE SENTENCE:) Some businesses provide goods or services that are needs...(WHICH ARE?) things that you can't live without (like water and food.) 9 of 15 (FINISH THE SENTENCE:) The other businesses provide goods or services that are wants... (WHICH ARE?) things you would like to have, but can survive without (like holidays.) 10 of 15 What are the three Sectors of the Economy? Primary, secondary, tertiary 11 of 15 What does the Primary Sector do? Produces raw materials which can be any natural resources. 12 of 15 Who is an entrepeneur? A person who sets up a business or businesses taking on financial risks in the hope of profit. 13 of 15 Social enterprise A business that tries to make money for social things 14 of 15 What are the characteristics/ qualities in a successful entrepeneur? Positive and welcoming, engaging, unique product, inter-personal skills, financial skills, work ethic, business plan, risk taker 15 of 15
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