roles of a business in society- UB

Question 1

what are business’ main aims?

Answer 1

to satisfy consumers needs and wants

Question 2

what is a need?

Answer 2

Something needed to survive

Question 3

give an example of a need.

Answer 3

food, water or shelter

Question 4

what is a want?

Answer 4

Something unnecessary for survival

Question 5

give an example of a want.

Answer 5

phone, laptop, tv

Question 6

what is a good?

Answer 6

A good is something to can see/ touch.

Question 7

give an example of a good.

Answer 7

clothes, food, tv

Question 8

what is a service?

Answer 8

Something someone/ a company does for another person

Question 9

give an example of a service.

Answer 9

hair cut, bus ride, train journey

Question 10

Name the factors of production.

Answer 10

Land, labour, capital and enterprise

Question 11

name the sectors of industry.

Answer 11

primary, secondary, quaternary and tertiary

Question 12

describe the primary sector.

Answer 12

uses natural resources from the land like oil production, fishing or farming

Question 13

describe the secondary sector.

Answer 13

involved with manufacturing. taking the raw materials from the primary sector and using them for things food production.

Question 14

describe the tertiary sector.

Answer 14

provides services like hairdressing.

Question 15

describe the quaternary sector.

Answer 15

provides information services such as computing and ICT.

Question 16

what are the sectors of the economy?

Answer 16

private, public and third

Question 17

what is a company in the private sectors primary aim?

Answer 17

to make a profit

Question 18

describe a sole trader.

Answer 18

a business owned and controlled by one person.

Question 19

describe a partnership.

Answer 19

business controlled by between 2 and 20 people.

Question 20

describe a private limited company.

Answer 20

a business that sells shares privately to invited members.

Question 21

what are the two organisations in the public sector?

Answer 21

the national government and local government

Question 22

who are companies in the public sector owned and controlled by?

Answer 22

The government.

Question 23

what do companies in the public sector aim to do?

Answer 23

aim to provide a service to the public.

Question 24

how are businesses in the public sector funded?

Answer 24

By taxes.

Question 25

give an example of a company in the public sector.

Answer 25

NHS

Question 26

what are the types of organisations in the third sector?

Answer 26

charities and social enterprises.

Question 27

what are social enterprises?

Answer 27

a business that aims to help a social cause.

Question 28

why are business’ in the third sector set up?

Answer 28

to raise awareness or raise money for a cause.

Question 29

give an example of companies in the third sector.

Answer 29

Oxfam or a local youth club.