Structure of business activity 0.0 / 5 ? Business StudiesPeople in businessGCSEOCR Created by: llamacornonacobCreated on: 01-03-14 15:13 4 resources need to produce goods/services in a business factors of production 1 of 25 factor of production, the land the business operates on and the raw materials land land 2 of 25 factor of production, workers needed by a business to produce the outputs labour 3 of 25 factor of prodution, money required to start and maintain the business capital 4 of 25 the problem of limited resources which can't meet the needs of the population, leading to scarcity basic economic problem 5 of 25 when a business concentrates on a specific activity specialisation 6 of 25 the first stage of production. Extracting raw materials. primary sector 7 of 25 second stage of production. Raw materials manufactured into products. secondary sector 8 of 25 third stage of production. Where manufactured products are sold tertiary sector 9 of 25 when different sectors in production depend on each other. interdependence 10 of 25 when a business increases the value of a product by changing the product throughout production added value 11 of 25 the process from which raw materials are extracted, manufactured into products and sold chain of production 12 of 25 reduction of importance in the second stage of production in a country de-industrialisation 13 of 25 the sector of business activity owned by individuals such as sole proprietors, PLCs etc. private sector 14 of 25 the sector of business activity controlled by government or local councils public sector 15 of 25 an organisation owned by the government public corporation 16 of 25 individuals or groups who have interest in business: workers, customers, owners etc. stakeholders 17 of 25 The aims of a business: profit, survival, growth, providing a service business objectives 18 of 25 brief summary of a businesses main objectives mission statement 19 of 25 payment made to shareholders from the profits of a private/PLC company dividend 20 of 25 amount of a market a business controls. Measured in % market share 21 of 25 a business will make enough profit to enable it to meet its needs, not profit satisficing 22 of 25 often known as sole trader. Means only one owner of the business sole proprietor 23 of 25 a form of unincorporated business owned by more the one person partnership 24 of 25 business owned by shareholders. Incorporated, Ltd, normally smaller or family owned private limited company 25 of 25
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