Understanding Buisness Role Of Business In Society Flashcards
What is land
Land is a factor of production it is the raw materials the firm would use e.g the coal from a coal mine or the carrots from a carrot farm
What is labour
Labour is a factor of production it is the staff the firm would hire
What is capital
capital is a factor of production it is the machines used to make products e.g a pancake mixer to make pancakes
What is Enterprise
Enterprise is a factor of production this is the entrepreneur who think of the idea e.g created of apple
What is the primary sector
Primary is a sector of industry this is the extraction of raw materials.
What is the secondary sector
This is the sector of industry this assemble goods from raw materials.
What is the tertiary sector
This is a sector of industry that provides a service.
What is the private sector
This is a sector of the economy owned and controlled by a private company with the aim to make a profit e.g Starbucks
What is the public sector
The public sector is a sector of the economy owned controlled and funded by the government with the aim to provide a service e.g police force. NHS.
What is the third sector
Third sector is the sector of industry that is funded by donations and goal is to donate money towards a cause e.g Mary’s meals.
Factors of production
Land labour capital enterprise
Sectors of industry
Primary secondary tertiary
Sectors of the economy
Private public Third
