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COMPONENT 1: ENTERPRISE - Coggle Diagram
COMPONENT 1: ENTERPRISE
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enterprise
business activities have a major impact on our lives- both as consumers and employees. business is in every sector of the economy
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key terms:
enterprise: the formation of a new business or development of a new good or service to be introduced into the market
primary sector: made up of organisations that are at the first stage of production and use raw materials. examples include farms, oil exploration companies and fishing fleets
secondary sector is made up of organisations that are at the second stage of the production process. they are involved in using primary resources and turning these into products. examples include manufacturers and printers
tertiary sector: made up of organisations that provide services such as estate agents and delivery businesses
SME's
small or medium enterprises with a turnover of less than €50 million. small enterprises are considered to be those who have less than 50 employees whilst medium enterprises have less than 250 employees. SMEs tend to be either sole traders, partnerships or private limited companies
SMEs make up 99.9% of the UK's business population and are therefore very important to the UK economy. they provide employment for millions of people and are a key driver of economic growth and sustainability
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needs and wants
people have a limited number of NEEDS which must be satisfied if they are to survive. this includes food, shelter, water, warmth, and clothing
wants are unlimited and people want them for a better quality of life. eg designer clothes and phones