Things To Work On Flashcards
State the business cycle.
- Consumers have needs and wants
- businesses carry out market research to identify those needs and wants.
- business produced goods and services for consumers.
- consumers buy the goods and services
Name and describe the factors of production.
Land- Raw materials
Labour-workforce/employees
Capital-machinery/equipment/money
Enterprise- the entrepreneur with the idea
Name and describe the sectors of industry.
Primary-extracting raw materials
Secondary-manufacturing goods
Tertiary- providing a service
Name and describe the sectors of economy.
Private-private individuals
Public- the government
Third-non profit
What are goods?
Things you can feel and touch.
What is a service?
Something that is done for you.
What is consumption?
The using up of goods and serviced
What is a consumer?
Someone who buys goods and services.
What is production?
The process of making goods so that they can be consumed.
State 2 examples of land.
Plot of land, coal, diamonds, wood, water
State 3 examples of public sector of industry businesses.
Fisherman, farmers, oil drilling
What is ment by the term multi sector activities.
Activities that include extracting raw materials, manufacturing goods and providing a service to make a final product.
State 2 examples of tertiary sector activities.
Electrician, doctor, lawyer, hairdresser
State 2 ways a sole trader can gain finance.
Invest own money, bank loan, borrow from friends or family.
State the types of business organisations.
- Sole trader
- Social enterprise
- Partnership
- Private limited company
- Non-profit making
- Local government
State who controls a sole trader, partnership and an Ltd.
Sole trader- owner
Partnership- partners
Ltd- board of directors
State two objectives of each sector of economy
Private- maximise profit, survival, provide customer satisfaction
Public- provide a service, stick to a budget, use taxes wisely
Third-help their cause, increase donations
State all the external factors.
P olitical E conomical S ocial T echnological E nvitomental C ompetitive
State the three internal factors.
Finance, human resources, technology
What is included in a job specification?
Job title, duties, salary, location, line manager.
What is included in a person specification?
Skills, qualifications, experience required
What is on-the-job training?
Training carried out in the work place.
State 2 advantages of on-the-job training.
Doesn’t waste time for the company, can give the trainee an insight to what the workplace is like.
What is off-the-job training?
Training carried out away from the workplace at college, university or training centre.
State 2 advantages and disadvantages of off-the-job training.
Advantages:
•more formal and professional
•taught by qualified teachers
Disadvantages:
•can cost alot of money
•cant train and work at the same time
•some training might not be relevant to the job which wastes time
State 2 non-financial rewards for employees.
- job enlargement
- job rotation
- job enrichment
State 2 advantages of motivating staff.
- Staff are happy with their job.
* Staff work harder which is useful for the company.
