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Business > The Role Of Business In Society > Flashcards

The Role Of Business In Society Flashcards

1
Q

What are the factors of production?

A

Capital, Land, Enterprise and Labour (CELL)

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2
Q

What is capital?

A

All man-made resources used in the production of goods/services

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3
Q

What are examples of capital?

A

Machinery, money and IT equipment

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4
Q

What is enterprise?

A

Being enterprising by combining the other factors of production to ensure business success

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5
Q

What are examples of enterprise?

A

Taking a risk or coming up with an idea

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6
Q

What is land?

A

The use of natural resources in the production of goods/services

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7
Q

What are examples of land?

A

The raw material, water, wood, oil and coal

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8
Q

What is labour?

A

The human effort in the production of goods and services

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9
Q

What are examples of labour?

A

Doctors, nurses, police and cleaners

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10
Q

What is a good?

A

Something that can be seen and touched (tangible)

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11
Q

What are durable goods?

A

A good that can be used more than once

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12
Q

What is a non-durable good?

A

A good that can only be used once

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13
Q

What is an example of a durable good?

A

A TV, car or revision guide

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14
Q

What is an example of a non-durable good?

A

Toothpaste or a can of coke

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15
Q

What is a service?

A

Something that is done for us (intangible)

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16
Q

What are the sectors of industry?

A

Primary, secondary and tertiary

17
Q

What is the primary sector of industry?

A

The extraction of natural resources such as coal and oil from the land

18
Q

What are examples for primary industry?

A

Farming, fishing, mining and forestry

19
Q

What is the secondary sector of industry?

A

The manufacturing- turning raw materials into finished products

20
Q

What are examples for secondary industry?

A

Car manufacturing, food manufacturing and house building

21
Q

What is the tertiary sector is industry?

A

The service sector. The provision of services or selling goods

22
Q

What are examples of the tertiary industry?

A

The NHS, hairdressers, hospitality and transport

23
Q

What are the sectors of ecomomy?

A

Private, public and third

Business (11 decks)

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