1.1 - Role of Business in Society

Question 1

Sectors of Industry (Name) -

Answer 1

Primary, Secondary, Tertiary, Quaternary

Question 2

Sectors of Industry (description/examples) Primary

Answer 2

Exploiting natural resources(raw materials) from Land, Sea, Air (Primary sector). Farming,oil,mining, fishing.

Question 3

Secondary (Description/examples)

Answer 3

Manufacturing raw materials to make a product. e.g car manu, food production, clothes manu.

Question 4

Tertiary (Description/examples)

Answer 4

Providing a service to us. (Banks, Hairdressers, Cinema)

Question 5

Quartnery(des/examples)

Answer 5

Knowledge part of economy provide service- (sometimes w Tertiary). Providing information. E.G consultancy, Research&Dev, Education)

Question 6

OVERALL - INDUSTRY SECTOR

Answer 6

PRIMARY(NATRUAL RESOUCES) SECONADRY MANUFACTURING/CONSTRUSCTION) TERIARY(SERVICE) QUATERNARY(KNOWLEDGE)

Question 7

SECTORS OF ECONOMY - NAME

Answer 7

Private, Public, Third

Question 8

PRIVATE- (DES/EXMAPLE)

Answer 8

Aim to survive/Profit making , stakeholders invest own money/borrow to run companies. E.G ORGS, SOLETRADERS, PARTNERSHIPS, PLC, LTD, MULTINATIONAL)

Question 9

PUBLIC - (DES/EXAMPLE)

Answer 9

Organisation set by Government provide services, funded by taxes. Local council- street lighting , education. National(westmin/gov) - NHS,POLICE,EDUCATION,FIRE)

Question 10

THIRD- (DES/EXAMPLE)

Answer 10

Aim is not profit/help causes to help specific groups in society. Orgs, Charities(help cause) , Volunteer, social enterprise(social cause). Clubs.

Question 11

ECONOMY- OVERALL(OWNERSHIP, CONROL FINANCE) - PRIVATE.

Answer 11

PRIVATE- CONRL BOARD OF DIRECTORS, OWNDED BY STAKEHOLDERS, LIMITED LIABILITY, FINANCED BY SHARES.

Question 12

PUBLIC- OWNERSHIP, CONTROL, FINANCE

Answer 12

GOVERNMENT OWNED, FINANCE BY TAXES, GOV OPPIONTED MANAGERS.

Question 13

THIRD- OWNDERSHIP, CONTROL, FINANCE

Answer 13

CONRL BY TRUSTEES, FINANCE DONATIONS, NOT OWN BUT TRUSTEES LIABLE