Nature of Business Flashcards
What are the 4 size classifications
Micro, Small, Medium, Large
How many employees are in a micro business
Fewer than 5
How many employees in a small business
5-19
How many employees in a medium business
20-199
How many employees in a large business
200+
What are the 3 geographical classifications
Local, National, Global
What are examples of primary industries
Farming, mining, fishing, grazing, forestry
What is a primary industry
Businesses involved in the collection of raw materials
What is a secondary industry
Businesses that process raw materials into a finished or semi-finished product
What is an example of a secondary industry
Iron ore, coal and limestone turned into steel
What is a tertiary industry, provide an example
Involves the selling of finished products. For example, woolworths, coles, kmart, jb hi-fi
What is a quaternary industry, provide an example
Services that transfer and process information and knowledge. For example, finance, school, ect
What is a quinary industry, provide an example
Services that have traditionally been performed in the home. For example, childcare, house cleaning, ect
What is a sole trader
A business that is owned and operated by one person. Unlimited liability
What is a partnership
A business consisting of 2-20 partners. Unincorporated and unlimited liability
