keyterms

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1. A want

  • something too expensive
  • 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
  • Waste of money
  • a good or service essential for living. E.G. Food, Water, Shelter and Clothing.
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2. Primary sector

  • y provides services to the other sectors of industry E.G. transport, retail, banking, catering, hairdressing and insurance.
  • Pays for everything in a business
  • is concerned with the extraction of primary/raw materials from their original source E.G. fishing, mining and farming
  • is concerned with transforming the raw materials into a final product. E.G. factories assembly, manufacturing and construction.

3. tertiary sector

  • is concerned with transforming the raw materials into a final product. E.G. factories assembly, manufacturing and construction.
  • provides services to the other sectors of industry E.G. transport, retail, banking, catering, hairdressing and insurance.
  • is concerned with the extraction of primary/raw materials from their original source E.G. fishing, mining and farming
  • Pays for the production of the goods

4. Business objectives

  • are the aims that a business tries to avoid
  • are the aims and targets that a business works towards
  • are the aims that a business tries to not acheive
  • are the aims that a business try to achieve but cant

5. Added Value

  • The difference between types of ownerships
  • is the difference between the selling price of a product and the cost of bought in materials and components.
  • Is the difference between one currency and another currency
  • Difference between variable costs and total costs
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