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Understanding Business (Factors of Production (Enterprise (The ideas that…
Understanding Business
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Factors of Production
Enterprise
The ideas that an entrepreneur or owners has to combine the land, labour and the capital min the business
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Capital
The tools,machinery and equipment that a business owns and controls.it includes the money that the owner has invested in the business
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Sectors of the Economy
Private Sector Firms
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Aims of the business: To make money, To survive in the market,To break even,Independence and personal satisfaction
Controllers: Shareholders,CEO,Board of Directors and private individuals
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Sectors of the Industry
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Tertiary sector
The Tertiary sector provides services- To another business,To consumers
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Quaternary sector
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Information gathering,Software developers