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NAT 5 Business > Introduction To Business > Flashcards

Introduction To Business Flashcards

1
Q

What are the sectors of industry?

A
  • primary
  • secondary
  • tertiary
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2
Q

What is the primary sector?

A

An industry involved in the extraction and collection of natural recourses such as agriculture and fishing

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3
Q

What is the secondary sector?

A

Also Known as the manufacturing/ production sector. This is where the raw materials are turned into goods

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4
Q

What is the tertiary sector?

A

The service sector. This sector is the sale sector, meaning it is the sector in which the final product is sold to customers

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5
Q

Current changes in the primary sector

A
  • less raw materials
  • mines closed
  • machines replacing people
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6
Q

Changes to the secondary sector(2)

A
  • foreign competition

- machines replacing people

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7
Q

Charges to the tertiary sector (3)

A
  • grown
  • more shops required
  • people have more free time so they go to shops more
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8
Q

What are the sectors of economy?

A
  • private
  • public
  • third
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9
Q

Private sector organisations (4)

A
  • sole trader
  • partnership
  • franchise
  • private limited company
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10
Q

What are the advantages of a sole trader ? (4)

A
  • full control
  • keep all profit
  • private data
  • more personalised service
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11
Q

Disadvantages of a sole trader (4)

A
  • unlimited liability
  • hard to raise funds
  • have to make all the decisions
  • can’t afford to bulk buy
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12
Q

What are the advantages of a partnership?(2)

A
  • more ideas

- more people to raise funds

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13
Q

What are the disadvantages of a partnership (3)

A
  • disagreements
  • split profit
  • unlimited liability
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14
Q

What are the advantages of a franchise? (3)

A
  • already trusted
  • instant brand recognition
  • training provided
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15
Q

What are the disadvantages of a franchise?(2)

A
  • can’t use own ideas

- if any franchise gets a bad reputation it affects all

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16
Q

What are the advantages of a private limited company?(2)

A
  • shareholders have limited liability

- control of company not list to others as only friends and families can buy shares

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17
Q

What are the public sector organisations?

A
  • central government organisations

- local government organisations

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18
Q

What is a central gov thevNHS ernment organisation?(2)

A
  • west minister parliament and the Scottish parliament provide us with things like the NHS
  • has to make good use of taxpayer money
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19
Q

What is a local government organisation (3)

A
  • councils set up by central government
  • run by locally elected councillors
  • provide us with things such as education, housing and street lighting
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20
Q

What are the third sector organisations?

A
  • social enterprises

- charities

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21
Q

What is a social enterprise?

A
  • aims to help improve quality of life in communities and help social/ environmental causes
  • profit re invested
  • offers good or service
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22
Q

What is a charity (3)

A
  • exempt from paying tax
  • aims to raise money for a cause rather than make a profit
  • government regulates activity and keeps a register
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23
Q

What are the factors of production?

A
  • land
  • labour
  • capital
  • enterprise
24
Q

What is land ( factor of production )

A

The natural resources that a business uses, such as water and land itself

25
Q

What is labour ( factor of production )

A

This refers to the Human Resources required, including people who work for the business

26
Q

What is capital ( factor of production )

A

The resources owned by a business such as machines, tools and factories

27
Q

What is enterprise ( factor of production)

A

A business can only be successful if the owner is willing to take an enterprising roe ( be initiative and take risks ) the enterprise is the idea

28
Q

What is an entrepreneur?

A

An individual who develops a business idea by combining the factors of production to produce goods and services that will satisfy our needs and wants

29
Q

Give examples of skills (6)

A
  • languages
  • problem solving
  • understand software
  • knowledgeable
  • effective communicating
  • well presented
30
Q

Qualities (6)

A
  • patient
  • friendly
  • outgoing
  • motivated
  • calm
  • firm
31
Q

What is a stake holder?

A

A stakeholder is a person or a group who have an interest or influence on a business and how it is managed or run

32
Q

What are the internal stakeholders (4)

A
  • employees
  • management
  • owner
  • shareholders
33
Q

What are the external stake holders?

A
  • pressure groups
  • government
  • banks
  • suppliers
  • local community
  • customers
34
Q

What is the interest and influence the owners of a business have?(2)

A

Interest - maximise profit and make sure the business survives
Influence- the owner of a business can change company policies and make changes to the good/ service

35
Q

Customers interest and influence (2)

A

Influence - receive a good quality product or service at a low price, they also want the business to satisfy their needs & wants
Interest - they can choose to give the business a good reputation and they can choose to shop elsewhere

36
Q

Employees interest and influence (2)

A

Interest- receive good pay sand have a positive work environment
Influence - an employee could choose to work hard boosting sales and give good customer care

37
Q

Local community interest and influence (2)

A

Interest- for a business to attract tourists and provide goods and services, they also want the business to provide jobs
Influence- the local community could protest against the business and potentially have it closed down

38
Q

What’s a banks interest and influence(2)

A

Interest - for businesses to take out loans and pay the banks interest for that money
Influence - the bank could refuse to give the business loans

39
Q

Interest and influence of the government (2)

A

Interest- to get tax money to fund public sector businesses and to provide jobs
Influence- the government can alter taxes

40
Q

Interest and influence of pressure groups (2)

A

Interest - businesses to be environmentally friendly

Influence - can put pressure on a business to support a cause or stop doing something

41
Q

What are the internal factors of a business? (3)

A
  • finance
  • human recourses
  • technology
42
Q

How does the Finance available effect the business

A

if the business has more money it can afford better quality raw materials

43
Q

How does technology available effect a business

A

If a business has an up to date and easy to use website, this can increase sales and profitability

44
Q

How do human recourses effect a business

A

If a business has friendly and skilled employees, this will increase customer satisfaction

45
Q

What are the external factors ( pestec )

A 
P- political 
E- economic 
S- social
T- technological 
E- environmental 
C- competition
46
Q

What is a political factor that impacts businesses

A

If the government raise the minimum wage, this will cost the business more money as they will have to pay employees more

47
Q

What is an economic factor that effects businesses

A

If exchange rates are low compared to another country, it costs a business more to trade with another country

48
Q

What is a social factor that effects the business

A

If customers attitudes and desires change , the business will need to alter their good/ service

49
Q

What is a technological factor that effects a business

A

If a business has an up to date and easy to use website, people will be able to purchase current items

50
Q

What is an environmental factor that could effect the business?

A

If the weather is really bad,the roads will be closed so the deliveries will not reach your customers

51
Q

A competitive factor that can effect businesses

A

If your competition lowers their prices you will either have to lower yours or lose sales and customers

52
Q

What is a sole trader?

A

This is a business owned and controlled by one person

53
Q

What are advantages of being a sole trader?(3)

A
  • make all decisions
  • keep all profits
  • take holidays whenever
54
Q

Disadvantages of being a sole trader (3)

A
  • unlimited liability
  • have to raise money yourself
  • hard to set up
55
Q

What is a partnership?

A

This is a business owned by two or more people

56
Q

What are the advantages of a partnership?

A
  • easy to set up
  • don’t have to pay income tax
  • split investment

NAT 5 Business (2 decks)

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