Understanding Business


4 factors of prooduction

LAND- this is the natural resources needed to make the basis of the product eg; buliding premisses, coal etc

LABOUR- this is the workers- the people who make the product or sell it.

CAPITAL- this is the money and machinery

ENTERPRISE- this is where the entrepreneur takes the above 3 productions to acheive a business idea.

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3 sectors of industry

PRIMARY- this involves the business which extract natural resources from the ground.

SECONDARY- this involves the business making things

TERTIARY- these types of business' either sell other comapnies goods or provide a service.

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3 sectors of economy

PRIVATE- sole trader, partnership, private limited company, public limited company, franchise

PUBLIC- local council, national governement, public corporations (bbc)

THIRD- charities, clubs, social enterprise

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