Busines In The Real World Flashcards
What is the Primary Sector?
Business that extracts raw materials from the earth
What is the Secondary Sector
Business that manufactors goods from raw materials
What is the Tertiary Sector
Business that sells the manufactured goods
What is a ‘need’
A need is something you have to have to survive.
E.g. Water,food and oxygen
What is a ‘want’
A ‘want’ is something you dont need to survive but its cool to have.
E.g. Xbox, Cola, zaza
What is a Business
A business is an organisation that produces a good or supplies a service.
What are ‘Goods’?
Its a tangible product that you can use.
E.g. Book
What are services?
A service is an action that someone else does for you in exchange for money.
E.g. Gardener
What is a ‘customer’?
Someone that buys a product from a business
What is a consumer?
Someone who uses goods or services produced by a business
What are the four factors of production?
Land
Labour
Capital
Enterprise
What is ‘land’
The physical place the business is located
What is ‘labour’
The number and skills of the people working in the company
What is ‘capital’?
Equipment used to provide the goods and services
What is ‘Enterprise’
Drive or motivation from owners to start a business
