Role Of Business In Socity 2 Flashcards Preview

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Flashcards in Role Of Business In Socity 2 Deck (13):

What is an Entrepreneur?

An entrepreneur is an individual who has the enterprise to develop a business idea by combing the other factors of production - Land, Labour and Capital, to produce a good or provide a service.


Give examples of skills that an Entrepreneur would have.

- They will take risks
- Inspire others working for them to achieve the same goal
- Good communication skills
- Rises up to challenges
- Spots gaps in the market


What are the sectors of Industry?

Primary, Secondary and Tertiary.


Describe the Primary sector.

Businesses that are involved in the Primary sector are concerned with using natural resources such as farming, forestry, fishing and mining.

They grow products or extract resources form the earth.


Describe the Secondary Sector

Businesses in the secondary sector will take raw materials form the primary sector and convert them into different products.


Describe the Tertiary Sector.

The businesses in the tertiary sector do not produce a product. The provide services.

Such as Banking, hair dressing, tv and film, fitness centres


What are the Sectors of Economy?

Private , Public and Third/Voluntary


What is In the Private Sector?

Sole Traders
Private Limited Companies LTD
Public Limited Companies PLC


What are the aims of the Private Sector?

Maximise Profit
Turn a new idea into a success
Spot a gap in the market


What is in the Public Sector?

Central Goverment
Local Government
Public Corporations


What are the main aims of the Public Sector?

Provide essential services - Hospital care, Police and Defence.
High quality products/services to all citizens.
Services that are not all profit driven.


What is in the Third/Voluntary Sector?

Social Clubs and voluntary organisations.
Social Enterprises


What are the main aims of the Third/Voluntary Sector?

Raise awareness - famine in Africa
Raise funds to support causes
Provide services and facilities for members