Define, define, define.
Businesses operating in this sector are involved with the extraction, harvesting and conversion of land (i.e. natural resources) as a factor of production.
What is the primary sector?
Selling Price - Cost of Materials = ____________
What is 'added value'?
The three economic sectors.
What are primary, secondary and tertiary sectors?
Governments support business start ups for these reasons:
What is to:
Reduce unemployment
Increase competition = better quality products/services + more choices for consumers
Increase output = economy benefits $$$!
Benefit society
Can grow further, from small businesses to large organisations!
Ms. Amina's favourite TV show.
What is The Walking Dead?
This occurs when there is a decline in the importance of the secondary, manufacturing sector of industry in the country. ent rate?
What is de-industrialisation?
These are unlimited.
What is a want?
A bakery is a part of this economic sector.
What is the secondary sector?
These are some reasons businesses fail.
What is:
Poor management
Failure to plan for change
Poor financial management
Over-expansion
Risks of new business start-ups
The best cat in the world.
Who is Luna?
A good or service that is essential for living!
What is a need?
What are land, labour, capital and enterprise?
What is the primary sector?
When a truck manufacturing business merges with another truck manufacturer.
What is horizontal integration?
They sing "Master of Puppets".
Who is Metallica?
This is the definition to conglomerate integration.
What is when a firm takes over or merges with another firm that is in a completely different industry?
This occurs when people and businesses concentrate on what they are best at
What is specialisation?
What is the tertiary sector?
The most common ways to measure the size of a business. (name two)
What is:
- Number of people employed
- Value of output
- Value of sales
- Value of Capital employed
This is what they called the cookie in Squid Game.
What is Dalgona?
This is a definition to "capital".
What is the money invested into a business by the owners?
This is a form of specialisation.
What is division of labour?
This economy has both private and public sectors.
What is a mixed economy?
These groups of people find it useful to measure the size of a business.
Who are :
Investors - Workers
Governments - Banks
Competitors
These athletes do not have time to use the restroom during their 'game' - therefore, they have been instructed to urinate in their suits if they have to.
Formula 1 race drivers.