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N5 Bis Man > Understanding Business > Flashcards

Understanding Business Flashcards

1
Q

What are the four factors of production

A

capital, Enterprise, Land. Labour

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2
Q

Name the sectors of industry

A

Primary, Secondary, Tertiary

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3
Q

Name the sectors of economy

A

Private, public, third

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4
Q

what is a good

A

physical things you can see and touch

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5
Q

what is a service

A

things you can pay for and experience but not see or touch - its done by someone else

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6
Q

what is a want

A

something you don’t need to survive

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7
Q

what is a need

A

something you need to survive

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8
Q

what is wealth creation

A

a series of stages of production that add wealth to the end product.

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9
Q

give an example of capital

A

tools
machinery
equipment

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10
Q

give two skills and two qualities of an entrepreneur

A

skills:

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11
Q

give examples of land

A

plot of land
coal
diamonds
wood
oil
water

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12
Q

give examples of labour

A

employees
manergers

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13
Q

Give examples of primary

A

forestry
mining
fishing

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14
Q

give examples of secondary

A

builders
bakers
carpenters

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15
Q

give examples of tertiary

A

Shops
restaurants

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16
Q

Name the types of business in the private sector

A

Sole trader
Partnerships
Private limited companies (ltd)

17
Q

Name types of businesses in the public sector

A

NHS
police
Edinburgh council

18
Q

Name types of businesses in the third sector

A

Charities

19
Q

Who owns a sole trader business

A

One person

20
Q

Who owns a partnership

A

2-20 people

21
Q

Who owns a ltd

A

invited shareholders

22
Q

does a sole trader have limited or unlimited liability

A

Unlimited liability

23
Q

does a partnership have limited or unlimited liability

A

Unlimited liability

24
Q

does a ltd have limited or unlimited liability

A

Limited liability

N5 Bis Man (2 decks)

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