Understanding Business

Question 0

What are the sectors of industry?? And what do they do.??

Answer 0

Primary- take raw materials from the ground e.g. Farming, mining and fishing.

Secondary- uses the raw materials e.g. Car manufacture and baker.

Tertiary- businesses that provide a service.

Question 1

What are the factors of production ??

Answer 1

Land
Labour
Capitol
Enterprise

Question 2

Sectors of the economy and what they include??

Answer 2

Private- sole traders, partnerships and private limited companies.

Public- national government and local government organisations.

Third- non-profit making organisations and social enterprise.

Question 3

Sole trader
Who owns it?
Who runs it?
Examples?
What is it?

Answer 3

The person with the idea.
The person with the idea.
Coca ooze.
A business owned by one person.

Question 4

Partnership?
Who runs it?
Who owns it?
Examples.
What is it?

Answer 4

The partners.
The partners.
John Lewis.
A business owned by 2-20 people.

Question 5

Private limited company?
What is It?
Who owns it?
Who runs it?
Examples.

Answer 5

A company owned by people who have been invited to buy a share.
The shareholders.
Board of directors.
Fly high travel ( need to get one I know !!!)