business studies: business environments Flashcards
what is a business environment
a business environment is a set of elements involved with a businesses activities
what two sectors are in business environments
public and private
who are the business in the public sector owned by?
the government
what are 3 examples of businesses in the public sector
health care, education, water and sanitation
fill in the missing
the private sphere is owned by ________
private entrepreneurs
what are the names of the two sectors the private sector is divided into
formal and informal
how many economic sectors are there
5
name the 5 economic sectors
1: primary sector
2: secondary sector
3: tertiary sector
4: quanternary sector
5: quinary sector
what happens in the primary sector
extraction or harvesting of raw materials from the earth
what happens in the secondary sector
materials extracted in primary sector are manufactured
what happens in the tertiary sector
manufactured goods are sold
what happens in the quaternary sector
intellectual activity based on future growth
what happens in the quinary sector
it is an extension of the quaternary sector and it is decision making at the highest level
what are 5 important objectives of a business
*answer can be any one of these 7
survival
profitability and growth
productivity and efficiency
creating and monitoring a competitive advantage
technological development
employee development and relationships
social responsibility
what are the names of the three business environments
micro
market
macro
