Business Studies Unit 2 Revision

Sectors of Industry
1. Primary
  1. Beginning of Chain of Productions
  2. Where raw materials are extracted, grown or cut down
  3. E.g. Potatoes to crisps
2. Secondary
  1. Sector where raw materials become goods
  2. This adds value to them
3. Tertiary
  1. Sometimes referred to as the service sector
  2. Where the final product is sold
4. Interdependence - All of these sectors rely on each other like a food chain
Factors that Affect the Location of a Business
1. Tradition
2. Nature of Product/Service e.g. shipuilding
3. Transport and Infrastructure
4. Government Influences
5. Cost of Location
  1. Greenfield sites - Land that has never been built on, usually on the edge of a city or town
  2. Brownfield sites - Land that has been built on but may have been abandoned
6. Availability and access to raw materials
7. Availability of labour
8. Access to and nearness of marketts
Aims and Objectives of a Business
1. Aim - An overall goal
2. Objective - Step to get to the aim
  1. 3 common business objectives
    1. Survival
    2. Growth
    3. Profit
Types of Business Ownerships
1. Sole Trader
  1. Only one owner of business
  2. Most likely loans money from bank to start-up
  3. Hard to operate with little capital
  4. Easy and cheap
  5. Keep all profit after tax
  6. Unlimited liability
  7. Long hours
2. Partnership
  1. Business owned by 2 or more people
  2. More capital introduced
  3. Can help expansion of business
  4. Work can be shared
  5. Profit must be shared
  6. Unlimited liability
  7. Partners may not always agree
3. Private Limited Company (LTD)
4. Public Limited Company (PLC)
5. Franchise
6. Co-operative

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Business Studies Unit 2 Revision

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