keyterms 3.0 / 5 based on 1 rating ? Business StudiesKeytermsIGCSEOCR Created by: SIR SatanHimSelfCreated on: 29-04-16 09:46 A need a good or service essential for living. E.G. Food, Water, Shelter and Clothing. 1 of 8 A want a good or service which people would like to have but which is not essential for living. People's wants are unlimited. E.G. TV, Phone, Computer 2 of 8 Primary sector is concerned with the extraction of primary/raw materials from their original source E.G. fishing, mining and farming 3 of 8 secondary sector y provides services to the other sectors of industry E.G. transport, retail, banking, catering, hairdressing and insurance. 4 of 8 tertiary sector provides services to the other sectors of industry E.G. transport, retail, banking, catering, hairdressing and insurance. 5 of 8 Added Value is the difference between the selling price of a product and the cost of bought in materials and components. 6 of 8 Business objectives are the aims and targets that a business works towards 7 of 8 Stakeholder any individual with an interest in a business or organisation 8 of 8
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