Business
Revision
(SECTION 1 Business Activity)
CHAPTER 1 - Business Activity
CHAPTER 2 - Classification Of Business
CHAPTER 3 - Enterprise And Growth
CHAPTER 4 - Legal Structures
CHAPTER 5 - Stakeholder Objectives
,Chapter 1 Business Activity:
1.1 Needs And Wants
Needs Any good or Wants Goods or
service which services
people must which people
have in order would like to
to live. eg. have. eg.
food, water, phones, cars,
shelter, holidays
clothing
1.2 Factors Of Production
Land All natural Capital Machinery
resources. eg. and
minerals, ores, Equipment
oil, forests needed. eg.
furnaces,
compressors
Labour People Enterprise People
available for prepared to
work. eg. start their own
skilled workers business. eg
entrepreneur
1.3 Specialisation
What is Specialization When employees specialize
on one small part of the
production process.
-------------------------------------------------------
, Chapter 2 Classification Of Business
2.1 Primary, Secondary And Tertiary
Primary Sector Business activity which
involves extracting or
harvesting natural resources.
eg. Farming, Fishing, Mining,
Forestry…
Secondary Sector Business activity that turns
raw materials into finished
goods.
eg. Refining, Manufacturing,
Construction…
Tertiary Sector Business activity that involves
providing services to the final
consumer.
eg. Shps, Restaurants, Banks,
Airlines…
2.2 Private and Public
Private Sector The private sector aims to
make a profit, drive
innovation, and grow through
market competition.
Public Sector The public sector focuses on
public welfare, providing
essential services and
ensuring social equity.
-------------------------------------------------------
Revision
(SECTION 1 Business Activity)
CHAPTER 1 - Business Activity
CHAPTER 2 - Classification Of Business
CHAPTER 3 - Enterprise And Growth
CHAPTER 4 - Legal Structures
CHAPTER 5 - Stakeholder Objectives
,Chapter 1 Business Activity:
1.1 Needs And Wants
Needs Any good or Wants Goods or
service which services
people must which people
have in order would like to
to live. eg. have. eg.
food, water, phones, cars,
shelter, holidays
clothing
1.2 Factors Of Production
Land All natural Capital Machinery
resources. eg. and
minerals, ores, Equipment
oil, forests needed. eg.
furnaces,
compressors
Labour People Enterprise People
available for prepared to
work. eg. start their own
skilled workers business. eg
entrepreneur
1.3 Specialisation
What is Specialization When employees specialize
on one small part of the
production process.
-------------------------------------------------------
, Chapter 2 Classification Of Business
2.1 Primary, Secondary And Tertiary
Primary Sector Business activity which
involves extracting or
harvesting natural resources.
eg. Farming, Fishing, Mining,
Forestry…
Secondary Sector Business activity that turns
raw materials into finished
goods.
eg. Refining, Manufacturing,
Construction…
Tertiary Sector Business activity that involves
providing services to the final
consumer.
eg. Shps, Restaurants, Banks,
Airlines…
2.2 Private and Public
Private Sector The private sector aims to
make a profit, drive
innovation, and grow through
market competition.
Public Sector The public sector focuses on
public welfare, providing
essential services and
ensuring social equity.
-------------------------------------------------------
