1.1 Vocabulary Activity

peoples desires - the things they would like to have

• Primary Sector
• Product
• Customers
• Wants

the people or organizations that buy the product

• Wants
• Product
• Customers
• Businesses

Needs:

• the people or organizations who actually use a product
• the basic necessities that a person must have to survive
• owners or operators of an organization who manage, organize and plan the other three factors of production. They are risk takers who exploit business opportunities in return for profits.
• the document that sets out the business idea, its goals & objectives and other details of how the business will operate (such as its marketing, operations and finance). It is often a crucial part of an attempt to raise external sources of finance.

the section of the economy where business activity is concerned with the provision of services to customers

• Quaternary Sector
• Primary Sector
• Tertiary Sector
• Secondary Sector

organizations involved in the production of goods and/or the provision of services

• Customers
• Tertiary Sector
• Primary Sector
• Businesses

Primary Sector:

• a subcategory of the tertiary sector, where businesses are involved in intellectual, knowledge-based activities that generate and share information
• businesses involved in the cultivation or extraction of natural resources
• the section of the economy where business activity is concerned with the construction and manufacturing of products
• the section of the economy where business activity is concerned with the provision of services to customers

the document that sets out the business idea, its goals & objectives and other details of how the business will operate (such as its marketing, operations and finance). It is often a crucial part of an attempt to raise external sources of finance.

• Needs
• Consumers
• Entrepreneurs
• Business Plan

Sectoral Change

• a subcategory of the tertiary sector, where businesses are involved in intellectual, knowledge-based activities that generate and share information
• the section of the economy where business activity is concerned with the construction and manufacturing of products
• the section of the economy where business activity is concerned with the provision of services to customers
• a shift in the relative share of gross domestic product (or national output) and employment that is attributed to each business sector

Secondary Sector

• the section of the economy where business activity is concerned with the construction and manufacturing of products
• a shift in the relative share of gross domestic product (or national output) and employment that is attributed to each business sector
• the section of the economy where business activity is concerned with the provision of services to customers
• a subcategory of the tertiary sector, where businesses are involved in intellectual, knowledge-based activities that generate and share information

Product:

• the section of the economy where business activity is concerned with the provision of services to customers
• the section of the economy where business activity is concerned with the construction and manufacturing of products
• this can refer to both goods and services. Goods are physical while services are intangible
• the people or organizations that buy the product