Business sectors Flashcards
What is the public sector?
Owned and controlled by the state
What is the private sector?
Owned and controlled by individuals and not the state.
What is the formal sector?
Legally registered and the value of production recorded in GDP
What is the informal sector?
Not legally registered and production is not included in GDP
What is large-scale production?
Production in a factor of large amounts of production that looks exactly the same.
What is small-scale production?
Done by small, medium sized businesses that are usually privately owed and produce low number of production.
What is a consumer good?
Goods that satisfy humans needs and wants.
What are capital goods?
Goods used to produce consumer goods.
What are intermediate goods?
Goods that are not ready for sale.
What are final goods?
Goods ready for sale to final consumer
What is production process?
input - process - output
What makes a market?
- producers and consumers communicate.
- Prices and quantities are negotiated
- goods and services are exchanged
What are Wholesale markets?
They buy goods in large scales and provide storage in warehouse.
What are Retail/Consumer markets?
They buy goods on small scale to sell directly to consumer in shops.
What is the links between producers and consumers?
Producers, Wholesalers, Retailers, Consumers
