roles,types, and industries of a business Flashcards
what is profit?
It is the return or reward that owners receive from producing and providing products that fulfil customers needs.
what is employment?
a company hiring employees and paying them in return for their services.
what is income?
Businesses are responsible for providing incomes, or money in exchange for an individual’s labour.
what is choice in a business?
To satisfy needs and wants, businesses provide consumers with choice through different packaging, colours and variations of a product.
what is inovation?
improving on something that already exists
what is entrepreneurship?
the ability and willingness to start, operate and assume risk of the business venture in hopes of profit.
what is wealth creation?
the process of building and accumulating assets and resources that have long-term value and can contribute to the overall financial well-being of individuals, businesses, and society.
what is meant by an individuals quality of life?
refers to their overall wellbeing, being a combination of material and non-material factors.
how many employees are in a small business?
1-19
what is the ownership (legal structure) like of a small business?
sole trader
what is the market share of a small business?
small market share but can have a more extensive geographical spread through the internet.
how many employees are in a medium business?
20-199
what is the ownership (legal structure) like of a medium business?
partnership/ private company
How many employees are in a large business?
200+
what is the ownership (legal structure) like of a large business?
public company, owned by thousands of shareholders
what is the primary industry? examples?
the creation of raw materials eg. farming, mining, fishing
what is the secondary industry? examples?
businesses that process raw materials into semi-finished or finished products eg. coal and limestone can be turned into steel
what is the tertiary industry? examples?
businesses that perform services for others eg. dentists, doctors
what is quaternary?
Services involving the transfer and processing of information eg. computing, finance, teaching
what is quinary?
Providing household services or work that is traditionally done at home eg. babysitting, hospitality, lawn mowing
