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Business (Factors of Production (Labour (People available to work.…
Business
Factors of Production
Labour
People available to work.
Division of Labour.
Land
Includes all natural resources such as oils.
Enterprise
People willing to take the risk of setting up a business.
Capital
Machinery, equipment and finance needed for production of goods.
Adding Value
Branding
Customer Service
Product Features/Quality
Convenience
Business Sectors
Secondary Sector
Manufactures goods using raw materials provided by the primary sector.
Tertiary Sector
Provides services to consumers and the other sectors of industry.
Primary Sector
Extracts and uses natural resources of the earth.
Purpose of Business Activity
Consumer Services
Cannot be seen or touched, for example opening a bank account.
Capital Goods
Products sold to other businesses, physical goods such as computers.
Consumer Goods
Sold to the public, can be seen and touched, eg. a phone.