Unit 1.1
The ________ produces resources, while the _______ adds value to the resources.
Primary sector, secondary sector
The ________ sells goods and services and the _________ collects, processes, and sells information or data.
Tertiary sector, Quaternary sector
The ___________ help companies to raise capital as well as money by issuing equity to be sold to investors
Stock exchange
What is a privately help company?
A privately owned business where shareholder are often close-knit
_______ means that if a one person run business fails the person running the business will be responsible for all the dept.
Unlimited liability.
________ are the people who start a new business
Entrepreneurs
__________ is the act of crating and carrying out the new business
Entrepreneurship
A Business can fall into one of 2 categories the _____ sector and the ______ sector
Public, private
What separates the owners of the business from the business itself?
A incorporation
Define limited liability
Means if a company/corporations fails each person/investor will only lose the amount invested in the business
The _____________ include physical resources, human resource, and financial resources
Factors of production
The factors of production work together to creat goods and services for the needs and ___ of their ____
Wants, customers
A business formed by 2 or more people is known as an _______
Partnership
A __________ is agreed upon in partnerships to determine issues of voting rights, profits, and management roles.
Deed of Partnership
_________ held companies are companies where the money is shared the the investors and financial records are more open/exposed to the public
Publicly
Explain what 2 of the 4 main business functions are: Human Resources (HR) and Finance and Accounts
Human Resources (HR) is where employees are ensured proper treatment and the right employees are hired for a job. Finance and accounts are where the funds for the business are handled
Explain 2 of the 4 main business functions: Marketing and Operation Management
Marketing is where people decide the right products to sell at the right price, right time, and to the right customers. Operation management is where the main business function is carried out.
Profit and nonprofit are the 2 types of _________
Social enterprises
A ___________ is an organization not part of the government and promote social causes and charities, they are also apart of nonprofits
Non-governmental organizations
What is it called in the business world when an individual provides money to a business but does not participate in the managing of the business?
A sleeping partnership or limited partnership
A _____ is an organization that creates a ___ or _____ to generate profit
Business, good, service
Often businesses generate profit through their ______
Customers
______ are business that are run by one person
Sole traders
A _________ is owned by shareholders that split the profit which allows for limited liability
Company/corporation
Profit social enterprises include ________, which are owned and managed by their members, micro finance institution and public-private partnerships.
Cooperatives