GCSE - Year 10 - Business and people revison cards

EmzaLou99
Flashcards by EmzaLou99, updated more than 1 year ago
EmzaLou99
Created by EmzaLou99 almost 7 years ago
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Description

If you are sitting the year 10 OCR business and people exam these cards will help you

Resource summary

Question Answer
Primary Sector Raw materials for other business to use
Secondary Sector Manufacturers or makes the products with the raw materials
Tertiary Sector Provides a service to the customers
Interdependence All business depend on other sectors
Is the primary sector less or more important ? Less because raw materials used up machines that have replaced jobs Foreign competitors can produce cheaper raw materials
Is the Secondary sector less or more important ? Less Because foreign competitors means many goods are made over seas Machinery have replaced jobs
Is the Tertiary sector less or more important ? More Because it increases the wealth so more money is spent on entertainment , shops and travel Increases leisure time
Mission Statements Profit Maximisation of profit - main aim of most business in the private sector
Mission Statements Growth Usually the best way to raise a profit and the aim of most business in the private sector Sales Growth Increased market share Eliminate competition
Mission Statements Survival Very Important for a new business or an establishment business facing problems
Mission Statements Providing a service All business will want to provide a service but it is the most important aim for the public sector
Private Sector Business owned by private individuals E.G Tesco
Public Sector Organisations controlled by central and local government E.G NHS
Voluntary ( not for profit ) sector Charities and social clubs E.G Oxfam and Scouts and Brownies
Stakeholders Individuals or groups with an interest in business
Unincorporated Sole proprietors and partnerships are easier to set up but have no separate legal identity
Incorporated Incorporated is a legal process which LTD and PLC business must go through
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