Inputs
What is Land?
The area and space needed for a business
What is a good/product?
What is a primary sector?
Extracting of raw materials or production of a crop.
How could you combat the challenge of building a customer base to start a company?
Use social media, word-of-mouth, offer promotions or discounts to new customers and encourage them to recommend your business to friends and family.
Name one of the E's in the STEEPLE acronym.
Ethical, Economical, Enviormental.
What is Enterprise?
The knowledge of the people running the company
What is a service?
A act from a company that doesn't provide a physical product.
What is a quaternary sector?
How could you combat opportunity costs for a new company?
comparing the benefits and drawbacks of different choices and choosing the option that provides the most value for the business, look at what other companies have done to be successful, follow trends.
Name the S in the STEEPLE acronym.
Social
The money and funds used to run a business
What is a by-product?
A product produced as a result of another product.
What is a secondary sector?
Manufacturing of raw materials or crops into a new output or product.
personal savings, loans, investors, grants, family given money.
Name the T in the STEEPLE acronym.
Technology.
What is Labour?
The physical work put into the company.
Give an example of a service given at a coffee shop?
Making your drink, checking you out etc.
What is a tertiary sector?
The retail of a product or a service?
How could you gain employees as a new company?
offering fair pay, good benefits, a positive workplace, and opportunities to grow.
Name the L in the STEEPLE acronym.
Legal
What are the 4 inputs?
Land, Labour, Enterprise, Capital
Grass clippings
What business sector would Target fall into?
Tertiary Sector.
Political