UB T1 Role Of Business In Society Flashcards Preview

Higher Business Managment > UB T1 Role Of Business In Society > Flashcards

Flashcards in UB T1 Role Of Business In Society Deck (4)
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1

Why do businesses exist?

To satisfy needs (essentials) and wants (luxury) of customers

2

Sectors of industry

-Primary Sector
Exploiting natural resources (farming, mining)

-Secondary Sector
Manufacturing and construction. Resource -> good (car production, house building)

-Tertiary Sector
Service (banks, hotel, hospital)

-Quaternary Sector
Info & knowledge (ICT, R&D, consultancy)

3

Sectors of Economy

-Private Sector
Profit (Tesco, Ford)

-Public Sector
Gov (Hospital, Police)

-Third Sector
Help others (SSPCA, Scouts)

4

Adding value

Businesses will ADD VALUE to products as they move through sectors of industry.

Primary - coffee bean -> 5p per cup
Secondary - Roasting -> 25p per cup
Tertiary - coffee shop -> £2.50 per cup