5.1.1 The purpose of different types of organisations in a range of sectors Flashcards
State:
“Usually a physical thing that you can touch (but not always) where the quality of it can be compared and are available when needed or wanted”
Product/Goods
Define:
Needs of a customer
Requirements to live (water, food…)
Define:
Wants of a customer
Luxuries that we desire (phones, holidays…)
Fill The Blank:
A customer’s ………. and ………. must be …………. for a business to survive
Wants, Needs, Satisfied
Define:
Primary Sector
Extraction of raw materials or natural resources and growing goods
Farming, Fishing, Mining, Oil
Define:
Secondary Sector
Any business involved in manufacturing of a product, often using the resources gathered in the primary sector
Car Manufacturers, Food Production, Construction
Define:
Tertiary Sector
Businesses that provide services for consumers
Hairdressers, Banks, Supermarkets, Hospitals
Define:
Quaternary Sector
Business that provide information services to other companies or consumers
ICT, R&D, Consultancy
State:
3 sectors of the economy
Private
Public
Third
Define:
Private sector of the economy
Owned and controlled by private individuals and aim to survive and make profit
Sole traders, Private Ltd Companies
Define:
Public sector of the economy
Organisations owned and controlled by the government to provide services to the public for no profit; funded by taxes
National Gov., Local Gov. (Health, Education, Housing)
Define:
Third sector of the economy
Organisations/businesses that aim to help a cause by raising money or increasing awareness
Charities, Social Enterprise
Define:
White Goods
Large household electrical appliances (Fridge, Washing Machine…)
Define:
Tangible
Physical objects you can hold and see
Explain:
Anti-trust laws
Laws preventing a singular company holding a majority of one market share and gaining a monopoly to encourage competition
