Nat5 Understanding Business Revision

Oxfam is a charity that operates in the Third Sector. Identify 2 other Sectors of Economy.

• Primary and Secondary

• Primary and Tertiary

• Private and Public

• Private and Third

Give a description of the Private Sector.

• Owned by the government on behalf of the taxpayer.

• Owned by private individuals who aim to make a profit.

• Owned and regulated by the government and aim to raise funds and awareness

• Owned by a sole trader

Enterprise is a Factor of Production. Identify the other Factors of Production.

• Land, Labour and Country

• Primary, Secondary and Tertiary

• Private, Public and Third

• Land, Labour and Capital

Identify an example of an Entrepreneur.

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• 
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Outline 2 ways a business can measure customer satisfaction.

• Customer surveys

• Provide high quality products

• Train staff well

• Online reviews

Identify the aims of a charity.

• To make profit

• To satisfy clients/

  beneficiaries

• To raise funds and awareness

• To survive

This external factor looks at the trends and beliefs of the customer.

• Political

• Social

• Economic

• Competition

Identify an internal stakeholder.

• Customer

• Banks and lenders

• Supplier

• Employee

Give 2 influences of an employee as a stakeholder.

• They can shop elsewhere

• They want job satisfaction and good working conditions

• They can take industrial action e.g. strike

• They can provide a poor service to the customer

Identify an internal factor of an organisation.

• Political

• Environmental

• Technology

• Competition