Role Of A Business In Society

Question 1

Factors of production

Answer 1

Land, labour, capital and enterprise

Question 2

Land means-

Answer 2

Natural resout use to provide a good or service

Question 3

Labours means

Answer 3

Workforce used to produce a product or provide one

Question 4

Capital-

Answer 4

Tools and machinery and equipment that a business owns

Question 5

Enterprise Means

Answer 5

The business ideas that entrepreneurs/owners have

Question 6

Sectors of the industry

Answer 6

Primary, secondary and tertiary

Question 7

What is secondary

Answer 7

Concerned with manufacturing. taking raw materials and making new products

Question 8

Tertiary

Answer 8

Don’t produce products, but instead provide services like; banking, fitness centres, beauty treatments etc..

Question 9

Sectors of the economy

Answer 9

Private, public and third(or voluntary) sector

Question 10

Private sector definition and example-

Answer 10

Their aims are to survive and make a profit.

Some are
Sole traders
Partnership and private limited company.

Question 11

What is a sole trader

Answer 11

A business owned and controlled by one person

Question 12

What is a partnership

Answer 12

Is owned and controlled by 2 or more people

Question 13

What is a private limited company (LTD)

Answer 13

private when its shares are not available to the public by being bought

Question 14

Public sector definition + example

Answer 14

Is owned and controlled by the Government. They aim to provide a service to the public and are funded by taxes.

Some example ; local government and national government

Question 15

Third sector definition + example

Answer 15

Are set up to help a cause or provide a device to members. They aim to raise awareness and money for good causes. Examples are : Oxfam and The big issue