The Role of Business in Society Flashcards

1
Q

What is a business?

A

An organisation that makes, buys or sells goods or provides a service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are needs?

A

basic requirements that are essential to survival like food, water, clothing, shelter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are wants?

A

things we want to have but don’t need to survive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are goods?

A

tangible products we can see and touch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are services?

A

intagible products we cannot touch like haircuts or a visit to the cinema

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the factors of production?

A

land, labour, capital and enterprise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the sectors of industry?

A

primary, secondary, tertiary and quaternary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What happens in the primary sector?

A

raw materials are extracted from the land or sea

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What happens in the secondary sector?

A

raw materials are turned into usable goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What happens in the tertiary sector?

A

services are provided

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What happens in the quaternary sector?

A

info services are provided

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the sectors of the economy?

A

private, public and third

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What does the private sector consist of?

A

organisations that are owned by private individuals and aim to make a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What does the public sector consist of?

A

organisations that are owned by the government and provide services to the public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What does the third sector consist of?

A

organisations set up to help a cause or provide a service to members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What organisations are found in the private sector?

A

sole traders, partnerships, private limited comapnies