understanding business Flashcards
what is the four factors of production
land,labour,captial and enterprise
what is land
this is the natural resources used in a company e.g wheat
what is labour
labour is the people that work for a company e.g a teacher
what is capital
capital is the man made resources e.g a chair
what is enterprise
enterprise is the entrapuner that runs the company e.g rihanna
what is a good
a good is a tangablie item e.g a phone
what is a service
a serviuse is a non-tangible item and something you pay for e.g hairdressers
what is non durable item
something that can only be used once e.g paper cup
what is a durable item
a good that you can use multiple times e.g trainers
what are the sectors of industry
primary, secondary, tertiary
what is primary
it is when materials are extracted from the earth. e.g mining
what is secondary
this is where the materials are manufactured into goods e.g a bulider
what is tertairy
this is where you selll the goods or services e.g tescos
what are the sectors of industry
public,private and third
what is private sector
soletrader, partenersips and private limited company (ltd)
