Factors of Production
Businesses involved in extraction, harvesting and conversion of natural resources, e.g. fishing and oil extraction.
What is the primary sector stage of business sectors?
The document that sets out the business idea, its goals and objectives and other details of how the business will operate (such as its marketing, operations and finance.) It is often a crucial part of an attempt to raise external sources of finance.
What is the Business Plan?
Organizations that are owned and under control of the government.
What is the public sector?
Non profit social enterprises that provide voluntary support for good causes (from society's point of view) such as protection of children, animals and the natural environment.
What are charities?
What is the law of demand?
What is the quantity of a good or service that consumers are willing and able to buy at a particular price.
The sector of the economy where business activity is concerned with construction and manufacturing of products.
What is the secondary sector?
Owners of an organization who manage, organize and plan the other three factors of production. They are risk takers who exploit business opportunities in return for profits.
What are entrepreneurs?
Where producers and consumers come together to buy and sell their goods and services.
What is a marketplace?
A business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public.
What is a private limited company?
What is the Law of Supply?
What is the quantity of a good or service that businesses are willing and able to provide within a range of prices that people would be willing to pay.
These are the factors of production needed in the production process.
What are land, labor, capital and entrepreneurship?
Physiological Needs
A profit seeking business owned by two to twenty people.
What is a partnership?
The part of the economy run by private individuals and businesses, e.g. sole traders, partnerships and companies.
What is the private sector?
What aspect of demand would explain why people are not buying fidget spinners anymore?
Change in consumers' Tastes
What is the third stage of the decision making model?
Evaluate the advantages and disadvantages of each alternative.
Self-assured and positive and confident in their ability to run a business including purchasing, marketing, and accounting.
What is self confidence.
A restriction on the amount of money that owners can lose if their business goes bankrupt, i.e. shareholders cannot lose more than they invest in the company.
What is limited liability?
Owned by its workers or members who buy from the business
What is a co-operative.
What factor of supply would explain why people no longer by CDs.
What is change in technology.
What happens if there isn't enough of an economic resources?
Alternatives must be found for product or price of the good increases.
Business sector that specializes in providing services e.g. banking, tourism and entertainment.
What is the tertiary sector?
What does obsolete mean?
Over time, products or services can become obsolete because people no longer want or need them.
A feature of sole traders and partnerships who are responsible legally for all money owed to creditors, even if it means they have to sell their personal assets to pay for their debts.
What is unlimited liability?
What creates demand?
1. Consumer is aware of or interested in the good or service (business do this by advertising)
2. Ample supply of the good/service
3. Price is reasonable and competitive
4. The good/service must be accessible.