Revision cards

Revision cards

  • Submitted By: 7amo99
  • Date Submitted: 01/14/2015 4:31 AM
  • Category: Business
  • Words: 828
  • Page: 4

Business Environment Key Terms

The Basics














Consumer: A person who uses goods and services.
Customer: A person who buys products and services.
Market: Where buyers and sellers come together to exchange goods or services for money.
Entrepreneur: A person who is willing to take a risk by investing money into a business, organising the resources and hoping to make a profit. E.g Richard Branson.
Factors of Production: These are the resources needed to produce goods or services. Land, Labour, Capital & Enterprise
Needs: Goods or services essential for living.
Wants: Goods or services which people would like to have but which are not essential for living.
Private Sector: Businesses not owned by the state (government) but by individuals or groups of individuals.
Public Sector: Organisations where the activities are carried out either by national or local government.
Chain of Production: The stages through which a product will pass during production.
Primary Sector: Industries which extract natural resources. E.g farming, oil drilling & mining.
Secondary Sector: Industries which manufacture, assemble, process and construct goods.
Tertiary Sector: Industries which provide services both to individuals and other sectors of industry.

Business Environment Key Terms

The Basics














Consumer: A person who uses goods and services.
Customer: A person who buys products and services.
Market: Where buyers and sellers come together to exchange goods or services for money.
Entrepreneur: A person who is willing to take a risk by investing money into a business, organising the resources and hoping to make a profit. E.g Richard Branson.
Factors of Production: These are the resources needed to produce goods or services. Land, Labour, Capital & Enterprise
Needs: Goods or services essential for living.
Wants: Goods or services which people would like to have but which are not essential...

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