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Flashcards in The Role of Business in Society Deck (16)
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1

What is a business?

An organisation that makes, buys or sells goods or provides a service

2

What are needs?

basic requirements that are essential to survival like food, water, clothing, shelter

3

What are wants?

things we want to have but don't need to survive

4

What are goods?

tangible products we can see and touch

5

What are services?

intagible products we cannot touch like haircuts or a visit to the cinema

6

What are the factors of production?

land, labour, capital and enterprise

7

What are the sectors of industry?

primary, secondary, tertiary and quaternary

8

What happens in the primary sector?

raw materials are extracted from the land or sea

9

What happens in the secondary sector?

raw materials are turned into usable goods

10

What happens in the tertiary sector?

services are provided

11

What happens in the quaternary sector?

info services are provided

12

What are the sectors of the economy?

private, public and third

13

What does the private sector consist of?

organisations that are owned by private individuals and aim to make a profit

14

What does the public sector consist of?

organisations that are owned by the government and provide services to the public

15

What does the third sector consist of?

organisations set up to help a cause or provide a service to members

16

What organisations are found in the private sector?

sole traders, partnerships, private limited comapnies