A level business / 100% CORRECT Answers / Updated

factors of production - -land-natural resources e.g. fields -labour-all human resources except entrepreneur -capital-buildings, machinery and tools, but not money -enterprise-the entrepreneur that organises the other 3 factors value added calculation - value of output-value of input what is a constraint on a business - a restraining factor e.g. environment, competition, legislation and the economy functions within a business - -accounting and finance -operations management and production -marketing and support services -human resource management (HRM) sectors of business activity - -primary-raw materials e.g. farming -secondary-manufacturing e.g. factories -tertiary-output of services e.g. supermarkets deindustrialisation - a decline in the size of the secondary sector of the economy private vs public sector - -private-businesses owned and run by private individuals, usually for profit -public-businesses owned and run by local or central gov, usually to provide a service