Understanding Business Flashcards
What are the four factors of production
capital, Enterprise, Land. Labour
Name the sectors of industry
Primary, Secondary, Tertiary
Name the sectors of economy
Private, public, third
what is a good
physical things you can see and touch
what is a service
things you can pay for and experience but not see or touch - its done by someone else
what is a want
something you don’t need to survive
what is a need
something you need to survive
what is wealth creation
a series of stages of production that add wealth to the end product.
give an example of capital
tools
machinery
equipment
give two skills and two qualities of an entrepreneur
skills:
give examples of land
plot of land
coal
diamonds
wood
oil
water
give examples of labour
employees
manergers
Give examples of primary
forestry
mining
fishing
give examples of secondary
builders
bakers
carpenters
give examples of tertiary
Shops
restaurants
Name the types of business in the private sector
Sole trader
Partnerships
Private limited companies (ltd)
Name types of businesses in the public sector
NHS
police
Edinburgh council
Name types of businesses in the third sector
Charities
Who owns a sole trader business
One person
Who owns a partnership
2-20 people
Who owns a ltd
invited shareholders
does a sole trader have limited or unlimited liability
Unlimited liability
does a partnership have limited or unlimited liability
Unlimited liability
does a ltd have limited or unlimited liability
Limited liability
