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Business in society
Chapter 1 from the success guide
| Question | Answer |
|---|---|
| What are entrepreneurs? | Entrepreneurs are people who think of and idea for a business and develop it. |
| list four characteristics of an entrepreneur. | -They are willing to take risks. -They are known and associated with innovation. -They combine the factors of production -They use their initiative to make decisions and solve problems. |
| what is the primary sector of industry? | -Primary- Businesses in this sector exract materials from the ground e.g. fishing, farming, coal mining. |
| what is the secondary sector of industry? | -secondary- businesses in this sector are involved in the manufacturing of products e.g. cars, computers, cakes. |
| What is the tertiary sector of industry? | Businesses in this sector provide a service e.g. supermarkets, airlines, accountants. |
| name 3 advantages and 2 disadvantages of a sole trader. | -advantages- Easy to set up. - owner gets to keep profits. - owner can decide the hours to work. -disadvantages- unlimited liability for the owner -owner has no-one to share responsibility or workload with. |
| name 3 advantages and 2 disadvantages of a partnership. | -advantages- Workload and responsibility shared - shared risks and decision making -easier to obtain finance than a soletrader -Disadvantages- disagreements between partners could occur. -profits are split between part |
| what are the advantages to the franchisor? | - Franchisee provides a sum of money usually a percentage of turnover each year (Franchisee pays money) - Risk is shared between the franchisee and franchisor. |
| What are the disadvantages to the Franchisor? | - The money recieved from the franchisee may be less than what the franchisor could have made if they operated the business. - The franchisor's name and image could be damaged as a result of a poor franchisee. |
| what are the advantages to the franchisee? | -They are able to set up a business using an already established name and brand. - Risk is shared between the franchisee and franchisor. |
| what are the disadvantages to the franchisee? | - The franchise may have little control over products and price - can be expensive to purchase and set up a franchise. |
| name four objectives of a private sector organisation. | -To survie -to maximise profit -To grow -To provide a high quality product. |
| Name four objectives of voluntary sector organisations | -To provide a service -To raise as much money as possible -To be socially responsible -To help those in need |
Created by:
jamesm7
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