test 1 Flashcards
(11 cards)
why do people set up their business
to be their own boss
another reason why people set up business
to earn more money than if they worked for someone else
where do entrepreneurs get theyre ideas from
listen and talk to other people, identify what existing firms do badly
what is a need
needs are something that we must have in order to survive eg food, water, clothing and shelter
what is a want
wants are things that make our life more enjoyable but we do not need them in rder to survive eg television, mobile phone and computer games
what are the 3 sectors of industry
primary, secondary, tertiary
what is the primary sector
industries in the primary sector are invovled in the extraction of our natural resources in earth
what is the secondary sector
this involves the manufacture of goods
what is the tertiary sector
includes businesses that provide a service to their customers(they do something for us) eg transport, retail, banking and tourism
what is a good
a good is something that you can see or touch
what is a service
a service is something that is done for us
