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UNIT :1 (Business in private sector (Sole Trader (most common, owned and …

- - - - good for setting up new business,
        someone who doesn't need much capital,
        someone who will be dealing mainly with public (services), only requires few legal requirements to set up sole trader business
  - - - 2 types of agreement:
        vocal agreement
        written agreement
        (deed of partnership)
        ↑prevents any troubles
        from happening
- - - - Input of business:
        harvest/extractions
        gathering resources
        raw manufacturers
        ie. farms, mines
    - - Processing:
        manufacturing & adding value
        making raw materials into a product
        ie. factories
    - - Output:
        where the finished products are consumed
        where it provides service/product
        ie. restaurants, theatres