roles of a business in society- UB Flashcards
what are business’ main aims?
to satisfy consumers needs and wants
what is a need?
Something needed to survive
give an example of a need.
food, water or shelter
what is a want?
Something unnecessary for survival
give an example of a want.
phone, laptop, tv
what is a good?
A good is something to can see/ touch.
give an example of a good.
clothes, food, tv
what is a service?
Something someone/ a company does for another person
give an example of a service.
hair cut, bus ride, train journey
Name the factors of production.
Land, labour, capital and enterprise
name the sectors of industry.
primary, secondary, quaternary and tertiary
describe the primary sector.
uses natural resources from the land like oil production, fishing or farming
describe the secondary sector.
involved with manufacturing. taking the raw materials from the primary sector and using them for things food production.
describe the tertiary sector.
provides services like hairdressing.
describe the quaternary sector.
provides information services such as computing and ICT.
what are the sectors of the economy?
private, public and third
what is a company in the private sectors primary aim?
to make a profit
describe a sole trader.
a business owned and controlled by one person.
describe a partnership.
business controlled by between 2 and 20 people.
describe a private limited company.
a business that sells shares privately to invited members.
what are the two organisations in the public sector?
the national government and local government
who are companies in the public sector owned and controlled by?
The government.
what do companies in the public sector aim to do?
aim to provide a service to the public.
how are businesses in the public sector funded?
By taxes.
