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)
what is the public sector
public limated company (plc)
third sector
charaties, social enterprises, volentering
who owns , controls and funds soletraders
the soletrader
who owns,controls and funds partnerships
the partmers
who owns,controls and funds privtae limated companys (ltd)
invited shareholders , board of directors , selling shares
who owns,controls and funds public sector
goverment lected by civil dervants elected by government , taxes
what is a social enterprise
it is a business with a social objective but reinvests the profit they make into a cause.
what is one thing you should have in a bussiness plan
a mission statement
an example of a social enterprise
social bite , the big issue
how do social enerprise get money
donations fundrasing
who looks at a business plan
bank , investors , goverment and the entupeuer
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