| What is a need? | Something necessary for survival |
| What is a want? | Goods/services that make life more enjoyable |
| What are the two types of goods? | durable, non-durable |
| what is a durable good? | a good which can be used more than once |
| what is a non durable good? | a good which is single use |
| name 3 non-durable goods | napkins, face mask, wipes |
| what is a good? | a product you can see and touch |
| what is a service? | intangible product |
| name 3 services | hairdressing, public transport, cinema visit |
| what are the four factors of production? | land, labour, capital, enterprise |
| describe land (factor of production) | natural resources used to provide good or service |
| describe labour (factor of production) | the people used to produce or provide a good or service |
| describe capital (factor of production) | man-made resources used to produce or provide a good or service |
| describe enterprise (factor of production) | bringing the factors of production together to produce goods and services |
| what are the three sectors of industry? | primary, secondary or tertiary |
| describe the primary sector of industry | Exploit and extract raw materials like wood, fish and oil |
| describe the secondary sector of industry | Involved with taking raw materials from the primary sector and manufacturing a product. |
| describe the tertiary sector of industry | Involved with providing a service. |
| what is consumption | the "using up" of a good or service |
| give 3 examples of consumption | wearing a jacket
eating a sandwich
watching cinema film |
| what is the chain of production | the stages a product passes through from start to finish |
| what is meant by 'creating wealth' | when value is added to a product at each stage of chain of production |
| give examples of primary sector businesses | farming
fishing
forestry
coal mining |
| give examples of secondary sector businesses | car manufacturing
cake making |
| give examples of tertiary sector businesses | hotel
cinema
supermarket
travel agent |
| what are the three sectors of economy | private sector
public sector
third sector |
| describe private sector organisations | organisations owned by private individuals that exist to make a profit |
| describe public sector organisations | services and agencies run by the government on our behalf |
| describe third sector organisations | non-profit making organisations that exist to support a cause/aim |
| what are the three types of private sector organisations | sole traders
partnerships
private limited company (Ltd) |
| what are the types of public sector organisations | national government, local government, public corporations |
| what are the three types of third sector organisations | charities
clubs + associations
social enterprises |
