UNDERSTANDING BUSINESS

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What is the Primary Industry and name FOUR examples of businesses
Extracting natural resources: Farming, Fishing, Agriculture, Forestry
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What is the Secondary Industry and name TWO examples of businesses
Manufacturing: Car manufacturing, Factories producing goods
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What is the Tertiary Industry and name FOUR examples of businesses
Provides a service: Hotel, Supermarket, Retail, Catering
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What is the Quaternary Industry and name THREE examples of businesses
Business that provide information services: ICT, Consultancy, Pharmaceutical Research
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Name the three sectors of economy
Private Sector, Public Sector, Third Sector
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What type of businesses are classed as Private Sector businesses
Sole trader, Partnership, LTD, PLC, Franchises, MNCs
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What type of businesses are classed as Public Sector businesses
National, Scottish, Local
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What type of businesses are classed as Third Sector businesses
Charities, Social Enterprises, Clubs
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Who owns Private Sector businesses
Government
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Who owns Public Sector businesses
Private Individuals
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Who owns Third Sector businesses
They are a non profit organisation, therefore not owned by anyone
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What are THREE advantages of a Limited Company (LTD)
Limited Liability, Ownership is not to outsiders, Specialisation gained from shareholders/directors
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What are THREE disadvantages of a Limited Company (LTD)
Profits split between shareholders, Capital may be limited as not sold to public, Legal process to follow to set up
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What are THREE advantages of a Public Limited Company (PLC)
Limited Liability, Better access to capital, Greater market power
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What are THREE disadvantages of a Public Limited Company (PLC)
Employers may feel alienated, No control over who buys shares, Must publish annual reports
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What is a Franchise
When a business owner grants permission for someone to sell or distribute their company's goods or services in a certain area
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What is a Multi-National (MNC)
A business which owns or controls production or service facilities outside the country in which it is needed
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Other cards in this set

Card 2

Front

What is the Secondary Industry and name TWO examples of businesses

Back

Manufacturing: Car manufacturing, Factories producing goods

Card 3

Front

What is the Tertiary Industry and name FOUR examples of businesses

Back

Preview of the front of card 3

Card 4

Front

What is the Quaternary Industry and name THREE examples of businesses

Back

Preview of the front of card 4

Card 5

Front

Name the three sectors of economy

Back

Preview of the front of card 5
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