why do people decide to start a business?
- make a profit
- make money from a hobby
- be their own boss
- provide employment for themselves and others
what is an entrepreneur?
someone who uses their initiative to start and run their own business
what are the characteristics of an entrepreneur?
risk taker, hard working, determined, creative, organised
what are needs? + examples?
things people need to survive e.g food, water, clothes
what are wants? + examples?
unlimited goods that aim for better quality of life e.g the latest iphone, sports car
what is the importance of an entrepreneur to the economy?
- innovators - they bring new ideas to the market, development of new tech e.g dyson
- provide employment
- pay corporation tax
- prepared to take risks
- provides new products - boosts the economy
what is the primary sector? + examples?
extracts/produces raw materials e.g oil / iron
what is the secondary sector? + examples?
manufacturing and construction e.g making / building / assembling products
what is the tertiary sector? + examples?
services, not goods e.g police / hairdressing
is there a rise or decline in the primary sector?
decline - raw materials have run out / are found elsewhere
is there a rise or decline in the secondary sector?
decline - change in consumer demand (better products from japan/china) / technology has replaced workers
is there a rise or decline in the tertiary sector?
increase - education system more geared to tertiary employment / manufacturing has become unfashionable / greater wealth has led to growth in demand of services
what is the importance of the primary sector to the UK economy?
- rural areas are crucial
- we get a great deal of food from agricultural industry
what is the importance of the secondary sector to the UK economy?
- creates wealth (compared to services), but rapidly declining (cheaper in china)
- it turns raw materials into something people will pay for
what is the importance of the tertiary sector to the UK economy?
- employs approx. 80% of employed people
- grown a lot (argued to be the most important sector)
