Role Of Business In Society Flashcards
What are the 4 resources a business need to make a product
LAND-natural resources
LABOUR-the businesses workforce
CAPITAL- tools,machinery, equipment
ENTERPRISE-business ideas
What are the 3 SECTORS OF INDUSTRY
primary
Secondary
Tertiary
Quaternary
What businesses are in the PRIMARY sector
Businesses that are concerned with extracting natural resources from the earth
(Oil, farming, fishing)
What businesses are in the SECONDARY sector
Businesses in the manufacturing industry. These businesses use materials from the primary sector and turn them into products
(Potato’s into crisps)
What businesses are in the TERTIARY sector
Businesses that produce a service
Banking, hairdressing,entertainment
What businesses are in the QUATERNARY sector
Businesses that provide information services
ICT, research and development
What is meant by an Objective
A goal, aim or target
What are the SECTORS OF ECONOMY
Private
Public
Third
Who runs a PRIVATE sector
Private individuals
What is the main objectives for businesses in the PRIVATE sector
To make a profit
What businesses are included in the PRIVATE sector
Sole trader
Partnership
Franchise
Companies: Public limited company, private limited company and multinational company
Who owns and controls businesses in the PUBLIC sector
- Central Government
* Local Government
What are the main objectives for businesses in the PUBLIC sector
Provided essential services
Make effective use of funds available
How are businesses in the PUBLIC sector financed
Via taxes payed by the public
What businesses are included in the PUBLIC sector
NHS Police Fire Service Dundee City Council SQA
