Role Of Business In Society Flashcards
Why do businesses exist?
To satisfy the needs and wants of customers
What are needs?
Essential items for survival, e.g. food, water, shelter
What are wants?
Non-essential items, e.g. designer clothing, holidays, smartphones
What is the primary sector of industry?
Businesses involved in exploiting natural resources
Examples include farming, mining, and oil drilling.
What is the secondary sector of industry?
Businesses involved in manufacturing and construction
Examples include electronics manufacture, car production, and house building.
What is the tertiary sector of industry?
Businesses and organizations providing services rather than goods
Examples include retail outlets, banks, hotels, and hospitals.
What is the quaternary sector of industry?
Businesses providing information and knowledge-based services
Examples include ICT, consultancy, and R&D.
Fill in the blank: The _______ sector consists of businesses that are involved in manufacturing and construction.
secondary
Fill in the blank: The _______ sector consists of businesses providing information and knowledge-based services.
quaternary
What is added value in the context of businesses?
The increase in worth of a product as it moves through different sectors of industry
For example, a denim jeans manufacturer adds value by transforming raw materials into finished products.
What are the three sectors of the economy?
- Private sector
- Public sector
- Third sector
What does the private sector consist of?
Businesses that aim primarily to maximise profits
Includes local bakeries and multinational companies like Ford and Samsung.
What is the primary aim of the public sector?
To provide a service to society
Includes organizations like the NHS, police, and state education.
What types of organizations are included in the third sector?
- Charities
- Voluntary organizations
- Social enterprises
- Democratic enterprises
What is an example of a charity in the third sector?
Cancer Research
Other examples include SSPCA.
Fill in the blank: The _______ sector consists of government-owned organizations and agencies.
Public
True or False: All sectors of industry end in ‘ry’.
True
What is the role of a coffee bean plantation in the sectors of industry?
Primary sector
This sector involves the harvesting of raw materials.
What stage of the coffee industry does a coffee roasting factory represent?
Secondary sector
This sector involves processing raw materials into finished goods.
What does a coffee shop represent in the sectors of industry?
Tertiary sector
This sector involves providing services to consumers.
