Roles
This role of business involves creating goods and services to satisfy the needs and wants of consumers.
Production
This industry involves manufacturing goods by converting raw materials into finished products.
Secondary
A business employing between 5 and 19 employees is classified as this size.
Small business
This legal structure is owned and operated by one person.
Sole Trader
This legal structure is the simplest to set up and is owned by an individual.
Sole Trader
These are things done for you by others, such as haircuts or education.
Services
This industry involves extracting natural resources such as mining, farming, and fishing.
Primary
This term describes a business that operates across an entire country but not overseas.
National
This type of business is legally separate from its owners.
Incorporated business (or company)
This legal structure allows multiple owners to contribute skills, share decision-making, and invest money into the business.
Partnership
This role of business involves hiring workers and providing jobs, allowing individuals to earn wages.
Employment
This industry provides personal and wellbeing services such as childcare, aged care, and community services.
Quinary
This type of business operates in multiple countries around the world.
Global (or transnational)
This legal structure involves two or more people sharing ownership and responsibility.
Partnership
This is the major financial risk when owners are personally responsible for all business debts.
Unlimited liability
This role of business involves offering a range of different products and services, allowing consumers to select options that best suit their preferences and budgets.
Choice
This industry provides services such as retail, healthcare, and education.
Tertiary
This classification refers to how many employees a business has, such as small, medium, or large.
Classification by size
This term describes when owners are not personally responsible for business debts.
Limited Liability
This legal structure protects the owners’ personal assets because the business is legally separate from its owners.
Company
This role of business involves creating new or improved products and processes to better satisfy customer needs.
Innovation
This industry focuses on research, information, and knowledge-based services such as IT and data analysis.
Quaternary
A barber shop operates from a single location and mainly serves residents from the surrounding area. This business is classified under this geographical spread.
Local business
This legal structure can raise money by selling shares on the stock exchange.
Public company
This legal structure is incorporated, provides limited liability, and is owned by shareholders but is not on the stock exchange.
Private company