N5 1.1 Role of Business

Match the following sectors of industry to their definition

• Knowledge-based

• Secondary

• natural resources into finished goods

• Primary

• Providing a service

• Tertiary

• Extracting natural resources

• Quarternary

Match the appropriate factor of production to its definition.

• Natural resources used in production

• Capital

• workforce/employees of the business

• Enterprise

• Person responsible for the idea

• Labour

• Man-made resources; equipment/machinery

• Land

A good is ______, which means it can be touched.

A service is ______, which means it cannot be touched.

A ______ good is bought and can be used repeatedly. It is bought with the expectation it will last longer than three years.

A ______ good is bought and can only be used once. It is bought with the expectation it will last less than three years.

Businesses exist to combine the ​ (a)   so they can ​ (b)   the wants and needs of ​ (c)   . They usually aim to do this ​ (d)   .

• satisfy
• factors of production
• customers
• profitably

A private sector business is owned by ​ (a)   . The owners of the business get to make all big ​ (b)   . Private sector business aim to make a ​ (c)   . Private sector businesses are financed by the money put in by the ​ (d)   .

• private individuals
• profit
• decisions
• owners

A public sector business is owned by the​ (a)   . Government ​ (b)   are elected and get to make the decisions. Public sector businesses are funded by ​ (c)   . They aim to ​ (d)   .

• government
• officials
• taxpayers
• provide a service

A third-sector business is owned by ​ (a)   . A ​ (b)   is responsible for making decisions for a third-sector business. Businesses in this sector are funded by ​ (c)   . Finally, they usually aim to ​ (d)   .

• private individuals
• board of trustees
• donations
• support a cause