INTRODUCTION TO BUSINESS Flashcards
(17 cards)
What is the Primary Sector
Businesses involved in the extraction of natural resources from above or below the earth’s surface.
What is the Secondary Sector
Businesses that are involved in the manufacture of goods ie turning raw materials into products.
What is the Tertiary Sector
Businesses that provide a service to their customers
What sector is a barber in ?
Tertiary
What sector is Oil drilling in ?
Primary
Describe an entrepreneur
An entrepreneur is someone who has a business idea, invests their own money, is willing to take risks and sets up in business.
Outline three reasons why people would set up in business
To be their own boss ,
To earn more money than they would if they were an employee ,
They have an idea for a new product or service
Identify 4 skills of an entrepreneur
Decision making skills,
Leadership skills,
Problem Solving Skills,
ICT skills
Identify 4 qualities of an entrepreneur
Risk taker,
resilent,
Competetive ,
Hard working ,
Descibe Needs
Something that we must have in order to survive
Describe Wants
Something that we don’t need to survive but makes our lives more enjoyable
Describe Service
Something that is done for us.
Describe Good
A product that you can see and touch.
Example of a need
Water , food , shelter
Example of a Want
Tv , Phone
Example of a Service
Barber , Public Bus transport , Food delivery Service
Example of a Good
Car , Bed
