A
Soletrader
What is a business organisation with one owner?
Something a human needs in order to survive
What is a need?
Donations
How is third sector financed?
Something that you can see, touch and pick-up
What is a good?
A good which can only be used once e.g. a chocolate bar
What is a non-durable good?
Sector of economy where the main aim is to make a profit
What is private sector?
What is primary sector?
Someone who comes up with an idea for the business and develops it
What is an entrepreneur?
Sector of industry where a service is provided
What is tertiary sector?
Sector of economy which is owned by the Government and provides a service to the public
What is public sector?
Someone who has an interest in the success of the business
What is a stakeholder?
Third sector organisation which has a main social/environmental aim
What is a social enterprise?
The internal factor which refers to staff
What is human resources?
When customers continue to come back to the business
What is customer loyalty?
Any law/legislation which is passed by the Government
What are political factors?
20
What is the maximum number of partners a partnership can have?
MPs/local councillors
Who controls the public sector?
Board of Directors
Who are the people who control a private limited company?
Land, Labour, Capital and Enterprise
What are the factors of production?
Changes in the values, beliefs and lifestyles of customes
What are the social factors?
When unemployment is high and customers do not have a lot of money to spend
What is a recession?
Share of profit a shareholder will receive
What are dividends?
Where an individual can face losing their personal possessions if the business gets into financial difficulty
What is unlimited liability?
The objective to look after the local community and not harm the local community
What is social responsibility?
Where individuals only lose the money invested into the business
What is limited liability?