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Y10 BM TB1 Business Activity (Sectors of Industry (Quaternary (examples…
Y10 BM TB1 Business Activity
Business
Decision-making organisation involved in producing goods and/or providing services
Services
Intangible actions provided for limited time (eg. education, health care)
Goods
Tangible items (eg. books, food)
Resources
Physical
Financial
Human
Production
turning resources into products
Factors of Productions
Capital
Man-made resources: machines, raw materials and equipments used in production
Land
natural resources used to produce goods & services
Labour
Human resources used in production
Entrepreneurship
People & ideas that combine the other factors: makes business decisions, innovates, bears business risk
Other
Intrapreneurship
employee who promotes entrepreneurial(innovative) activity
Process
resource inputs
processes to add value
product outputs
Adding value
Processing something to make it better --> higher price than the sum of the original parts.
price of finished product - cost of inputs
How is it added?
build a brand
deliver excellent service
add product features and benefits
offering convenience
Sectors of Industry
Secondary
Firms that process and manufacture goods from natural resources
Tertiary
Firms that supply a service to consumers and other businesses
Primary
production that extracts natural resources
Quaternary
Provides services that are especially focused on knowledge or intellect. Typically includes information services such as information technology.
Led by developed countries and big companies
Research and capital intensive
Works with other sectors of the economy
examples
Consultancy
financial planning
Designing
information technologies
research and development (R&D)
generation of information