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Business > Understanding business > Flashcards

Understanding business Flashcards

1
Q

What is a need?

A

something required to live

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2
Q

What is a want?

A

a desirable item that makes life more comfortable or enjoyable

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3
Q

What is a good?

A

something that it tangible such as a phone or laptop

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4
Q

What is a service

A

something that is intangible such as NHS and Police

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5
Q

What is wealth creation?

A

adding value to a product as it goes along the production process

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6
Q

What are the factors of production?

A

Land
Labour
Capital
Enterprise

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7
Q

What is land?

A

natural resources that the business extracts from the earth such as coal oil and fish

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8
Q

What is labour?

A

the workforce such as the employees and HR

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9
Q

What is capital?

A

the man made resources such as finance and machinery

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10
Q

What is enterprise?

A

when the entrepreneur uses all FOP to create a goods or services

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11
Q

What are the sectors of industry?

A

Primary Sector
Secondary Sector
Tertiary Sector

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12
Q

What is the primary sector?

A

business that extract natural good from earth such as fisherman, lumberjacks and farmers

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13
Q

What is the secondary sector?

A

businesses that manufacture products such as factories, construction and shipbuilding

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14
Q

What is the third sector?

A

business that aim to provide a service such as shops,hotels and hairdressers

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15
Q

What are the sectors of economy?

A

Private Sector
Public Sector
Third Sector

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16
Q

What are types of businesses in the private sector?

A

Sole Traders
Partnerships
Private Limited Companies

17
Q

What is a sole trader?

A

someone who sets up and runs a business on there own. Usually a small business such as a painter or hairdresser

18
Q

What are advantages of being a sole trader?

A

Owner gets all the profit

Owner makes all the decisions

19
Q

What are disadvantages of being a sole trader?

A

Owner can’t share workload

Owner has limited liability

20
Q

What is a partnership?

A

a business that is set up and run by between 2-20 people

21
Q

What are advantage of a partnership?

A

shared workload

easier to get finance

22
Q

What are disadvantages of a partnership?

A

possible disagreements

shared profit

23
Q

What is a private limited company?

A

a business with privately owned shares, must have a minimum of 2 shareholders and is run by a board of directors

24
Q

What are advantages of a private limited company?

A

business can’t be lost to outsiders

experience gained from shareholders

25
Q

What are disadvantages of a private limited company?

A

shares can’t be sold to the public

profit shared

26
Q

What is the public sector?

A

businesses that are set up by central government and are run by locally elected councillors and they provide a range of services and aim to meet local needs and finance comes from central government and council tax (NHS, police)

27
Q

What businesses are in the third sector?

A

charities

social enterprises

28
Q

What is a social enterprise?

A

an organisation that looks to improve social and environmental well-being

29
Q

What is a charity?

A

they are non-profit organisations that tend to help charitable causes and the money made is invested into the charity

30
Q

What is an advantage of both?

A

low wage costs as volunteers work for free

31
Q

What is a disadvantage of both?

A

can be difficult to raise money during difficult times

32
Q

How to measure customer service?

A

mystery shopper, loyalty cards, satisfaction survey

33
Q

What are examples of business objectives?

A

profit maximisation
growth
survival
customer satisfaction

34
Q

What are external factors?

A

factors out with the business

35
Q

What are external factors? (PESTEC)

A 
Political
Economic 
Social 
Technological 
Environmental 
Competitive

Business (4 decks)

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