Flashcards in The Role of Business in Society Deck (16)
What is a business?
An organisation that makes, buys or sells goods or provides a service
What are needs?
basic requirements that are essential to survival like food, water, clothing, shelter
What are wants?
things we want to have but don't need to survive
What are goods?
tangible products we can see and touch
What are services?
intagible products we cannot touch like haircuts or a visit to the cinema
What are the factors of production?
land, labour, capital and enterprise
What are the sectors of industry?
primary, secondary, tertiary and quaternary
What happens in the primary sector?
raw materials are extracted from the land or sea
What happens in the secondary sector?
raw materials are turned into usable goods
What happens in the tertiary sector?
services are provided
What happens in the quaternary sector?
info services are provided
What are the sectors of the economy?
private, public and third
What does the private sector consist of?
organisations that are owned by private individuals and aim to make a profit
What does the public sector consist of?
organisations that are owned by the government and provide services to the public
What does the third sector consist of?
organisations set up to help a cause or provide a service to members