Primary Sector Business Activity
Firms involved in the extraction of natural resources so that they can be used and processed , sometimes by other businesses (eg - farming, fishing, oil extraction, etc.)
Secondary Sector Business Activity
Firms that manufacture and process products from extracted natural resources. (eg - construction, manufacturing, etc.)
Tertiary Sector Business Activity
Firms that provide services to consumers and other businesses (Eg - banking, legal, tourism, etc.)
Quaternary Sector Business Activity
Firms that provide information services such as computing, web design, ICT, R&D and more
Public Sector
The sector of the economy that comprises of organisations accountable to and controlled by the government / central body
Private Sector
The part of the economy that comprises of businesses owned and controlled by individuals or groups of individuals
Market Economy
An economic system where resources are owned largely by the private sector with little state intervention
Mixed Economy
An economic system where resources are owned and controlled by both the public and private sectors
Planned Economy
An economic system where resources are owned, planned and controlled by the state
Sole Trader
A business in which one person provides the permanent finance, sets it up, and, in return, has full control of the business and is able to keep all of the profits
Partnership
A business formed by two or more individuals with shared capital investment, responsibilities and profits
Unlimited Liability
When business owners bear full legal responsibility for the debts of the business
Limited Liability
The only liability a shareholder has, if the company fails, is the amount invested into the company, not the total wealth of the shareholders.
Unincorporated Business
A business that does not have a separate legal identity and hence has unlimited liability
Incorporated Business
A business that has a separate legal identity and hence has limited liability
Private Limited Company
A business that is owned by shareholders who are often members of the same family; shares of this company cannot be sold to the general public
Public Limited Company
A company whose shares are traded on a stock exchange and can be bought and sold by the public
Shareholder
A person or institution who owns shared in a limited company
Public Corporation
A business enterprise owned and controlled by the state. AKA nationalised industry
Memorandum of Association
a document that states the name of the company, the address of the head office though which it can be contacted, the maximum share capital for which the company seeks authorisation, and the declared aims of the business
Articles of Association
A document that covers the internal workings and control of the business, the names of the directors, and the procedures to be followed at meetings
Cooperative
A jointly owned business operated by members for their mutual benefit, to produce or distribute goods or services
Franchise
A business that has the legal right to use the name, logo, and trading systems of an existing successful business
Franchiser
A person or business that sells the right to open stores and sell products or services using the brand name and identity
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Chapter 1 - Enterprise15
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Chapter 2 - Business Structure27
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Chapter 3 - Size of Business15
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Chapter 4 - Business Objectives13
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Chapter 5 - Stakeholders in a Business5
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Chapter 10 - HRM34
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Chapter 11 - Motivation24
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Chapter 12 - Management8
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Chapter 17 - The Nature of Marketing22
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Chapter 18 - Market Research13
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Chapter 19 - Marketing Mix: Product14
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Chapter 19 - Marketing Mix: Price9
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Chapter 20 - Marketing Mix: Place & Promotion12
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Chapter 23 - The Nature of Operations14
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Chapter 24 - Inventory Management11
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Chapter 25 - Capacity Utilisation & Outsourcing7
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Chapter 29 - Business Finance31
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Chapter 30 - Forecasting & Managing Cash Flows11
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Chapter 31 - Costs15
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Chapter 32 - Budgets9
