Transformation Process Flashcards
What is a business?
An organisation that is involved in the exchange, purchase, sale or creation of goods and/or services, with the goal of profit and/or customer satisfaction.
What is the transformation process?
Where value is added to inputs to create outputs.
What are the four business sectors?
Primary, secondary, tertiary, quaternary.
What is the primary sector?
Extraction of natural resources.
Eg: mining, farming, energy extraction.
What is the secondary sector?
Production of finished goods and components.
Eg: manufacturing, food processing, raw material processing.
What is the tertiary sector?
Providing services to consumers and businesses.
Eg: personal services, retailing, household franchises.
What is the quaternary sector?
Providing information and ICT.
Eg: software development, data processing, financial services.
How many new business started up in the uk in 2022-2023?
801,000
