Why do businesses exist

• All to make a profit

• To satisfy consumers needs & wants

• In order to pass the time

• All to help others

The 3 Sectors of The Economy are

• Public, Private & Third

• Primary, Secondary, Tertiary

• First, Second, Service

• Sole Trader, Partnership, Ltd

An advantage of being a Sole Trader is...

• Freedom to make your own decisions

• Unlimited Liability

• Disagreements

• Less investment available

Nike is in the...

• Private Sector

• Public Sector

• Third Sector

Examples of a Need

• A holiday

• Mobile Phone

• Games Console

• Food

Who are Private Limited Companies owned by?

• 1 individual

• A family

• Shareholders

• A company

Shares in Private Limited Companies are sold ...

• To businesses only

• On the Stock Market

• To friends and family

• Never

Oxfam is in the

• Private Sector

• Third Sector

• Public Sector

• Primary Sector

An objective of a business in the private sector is...

• To provide a service

• To help people

• Profit Maximisation

Legal documents required to form a partnership is called...

• Agenda

• A partnership agreement

• Minutes of Meeting

• Contract of Employment