Role Of Business In Socity 2 Flashcards
Give examples of skills that an Entrepreneur would have.
- They will take risks
- Inspire others working for them to achieve the same goal
- Good communication skills
- Rises up to challenges
- Spots gaps in the market
What is an Entrepreneur?
An entrepreneur is an individual who has the enterprise to develop a business idea by combing the other factors of production - Land, Labour and Capital, to produce a good or provide a service.
What are the sectors of Industry?
Primary, Secondary and Tertiary.
Describe the Primary sector.
Businesses that are involved in the Primary sector are concerned with using natural resources such as farming, forestry, fishing and mining.
They grow products or extract resources form the earth.
Describe the Secondary Sector
Businesses in the secondary sector will take raw materials form the primary sector and convert them into different products.
Describe the Tertiary Sector.
The businesses in the tertiary sector do not produce a product. The provide services.
Such as Banking, hair dressing, tv and film, fitness centres
What are the Sectors of Economy?
Private , Public and Third/Voluntary
What is In the Private Sector?
Sole Traders Partnerships Private Limited Companies LTD Public Limited Companies PLC Franchises
What are the aims of the Private Sector?
Maximise Profit
Turn a new idea into a success
Spot a gap in the market
What is in the Public Sector?
Central Goverment
Local Government
Public Corporations
What are the main aims of the Public Sector?
Provide essential services - Hospital care, Police and Defence.
High quality products/services to all citizens.
Services that are not all profit driven.
What is in the Third/Voluntary Sector?
Social Clubs and voluntary organisations.
Charities
Social Enterprises
What are the main aims of the Third/Voluntary Sector?
Raise awareness - famine in Africa
Raise funds to support causes
Provide services and facilities for members
