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level: Role of business in society

Questions and Answers List

level questions: Role of business in society

QuestionAnswer
What is a need?Something necessary for survival
What is a want?Goods/services that make life more enjoyable
What are the two types of goods?durable, non-durable
what is a durable good?a good which can be used more than once
what is a non durable good?a good which is single use
name 3 non-durable goodsnapkins, face mask, wipes
what is a good?a product you can see and touch
what is a service?intangible product
name 3 serviceshairdressing, public transport, cinema visit
what are the four factors of production?land, labour, capital, enterprise
describe land (factor of production)natural resources used to provide good or service
describe labour (factor of production)the people used to produce or provide a good or service
describe capital (factor of production)man-made resources used to produce or provide a good or service
describe enterprise (factor of production)bringing the factors of production together to produce goods and services
what are the three sectors of industry?primary, secondary or tertiary
describe the primary sector of industryExploit and extract raw materials like wood, fish and oil
describe the secondary sector of industryInvolved with taking raw materials from the primary sector and manufacturing a product.
describe the tertiary sector of industryInvolved with providing a service.
what is consumptionthe "using up" of a good or service
give 3 examples of consumptionwearing a jacket eating a sandwich watching cinema film
what is the chain of productionthe stages a product passes through from start to finish
what is meant by 'creating wealth'when value is added to a product at each stage of chain of production
give examples of primary sector businessesfarming fishing forestry coal mining
give examples of secondary sector businessescar manufacturing cake making
give examples of tertiary sector businesseshotel cinema supermarket travel agent
what are the three sectors of economyprivate sector public sector third sector
describe private sector organisationsorganisations owned by private individuals that exist to make a profit
describe public sector organisationsservices and agencies run by the government on our behalf
describe third sector organisationsnon-profit making organisations that exist to support a cause/aim
what are the three types of private sector organisationssole traders partnerships private limited company (Ltd)
what are the types of public sector organisationsnational government, local government, public corporations
what are the three types of third sector organisationscharities clubs + associations social enterprises