SE
C
G
Business Studies
ns
GCSE - Topic 1 &
io
Glossary
pt
rO
(Business in the
te
real world)
as
M
1
, SE
C
Business Sectors: ● Primary = extracting raw material (e.g farming,
mining, fishing)
G
● Secondary = manufacturing (e.g food production,
manufacturers)
● Tertiary = providing a service (e.g hairdressers,
doctors, teachers)
ns Functions of a business: ●
●
●
●
Marketing
Finance
Human Resources
Operations
io
Factors of production ● Capital = the buildings and machinery needed by
the business
● Enterprise = the entrepreneurs who set up the
businesses, organise the factors of production and
pt
take the risks involved in running the business
● Land = the land where the business is based, but
also includes the natural resources, or or under
that land
● Labour = the people working the business (as well
rO
as in the business) including managers; staff
External factors affecting a business ● New government
● Environment (e.g pay 10p for a bag)
● Economics (e.g inflation, tax, council tax)
te
● National minimum wage
● Legislation (new law)
● Technology (e.g self checkout, touchscreens)
● Pandemic
● Change of trends
as
● Social / Public Image
● Bad weather (e.g heavy rain, snow, thunder)
● Bank Holidays
● New Competition (e.g affects sales, affects
revenue)
M
Skills entrepreneurs need ● Communication
● Open minded
● Willing to take risks
● Deal with money
● Innovative
● Commitment
● Flexible
● Confident / Social
● Attentive in Social Worries (e.g environment)
● Leadership
2
C
G
Business Studies
ns
GCSE - Topic 1 &
io
Glossary
pt
rO
(Business in the
te
real world)
as
M
1
, SE
C
Business Sectors: ● Primary = extracting raw material (e.g farming,
mining, fishing)
G
● Secondary = manufacturing (e.g food production,
manufacturers)
● Tertiary = providing a service (e.g hairdressers,
doctors, teachers)
ns Functions of a business: ●
●
●
●
Marketing
Finance
Human Resources
Operations
io
Factors of production ● Capital = the buildings and machinery needed by
the business
● Enterprise = the entrepreneurs who set up the
businesses, organise the factors of production and
pt
take the risks involved in running the business
● Land = the land where the business is based, but
also includes the natural resources, or or under
that land
● Labour = the people working the business (as well
rO
as in the business) including managers; staff
External factors affecting a business ● New government
● Environment (e.g pay 10p for a bag)
● Economics (e.g inflation, tax, council tax)
te
● National minimum wage
● Legislation (new law)
● Technology (e.g self checkout, touchscreens)
● Pandemic
● Change of trends
as
● Social / Public Image
● Bad weather (e.g heavy rain, snow, thunder)
● Bank Holidays
● New Competition (e.g affects sales, affects
revenue)
M
Skills entrepreneurs need ● Communication
● Open minded
● Willing to take risks
● Deal with money
● Innovative
● Commitment
● Flexible
● Confident / Social
● Attentive in Social Worries (e.g environment)
● Leadership
2
