Understanding Business Flashcards
What are the Factors of Production?
-Labour : workers
-Land : in/under the ground
-Capitol : man made machinery
-Enterprise : a developed idea
What are the Sectors of Industry?
-Primary : farming, miming, fishing
-Secondary : manufacturing, man made goods
-Tertiary : services e.g. banking
Define Durable
Lasts, buying every so often e.g. TV or car
Define Non-durable
Doesn’t last e.g. bread, fruit or a service
Define Tangible
A good you can see or touch e.g. a desk and chair
Define Intangible
Can’t see e.g. a service
What are the Sectors of the Economy?
-Private Sector
-Third Sector
-Public Sector
What is the Private Sector?
An organisation looking to make a profit, it is often owned and controlled by a private firm e.g. Ben n Jerrys
What is the Third Sector?
Organisations that are not for profit, they are undertaken for voluntary purposes. Their main aim is to support a cause that is not being fully covered by the public sector e.g. charities like Mary’s meals
What is the Public Sector?
Organisations that are owned, controlled and funded by the public purse, their main aim is to help society e.g. the NHS or the Police Force
Name 2 organisations that come under the Private Sector
Nike, Tunnocks
Name 2 organisations that come under the Third Sector
Oxfam (charity), Boy Scouts
Name 2 organisations that come under the Public Sector
The NHS, public schools
