LO1 CTEC Business

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What is a primary activity?

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A sector that produces raw materials, such as mining, fishing, and farming.

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What is a secondary activity?

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A sector that manufactures goods, turning raw materials into finished products, like Cadbury turning milk and cocoa into chocolate.

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What is a tertiary activity?

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A sector that provides services for consumers and other businesses, such as shops, restaurants, and banking.

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What is the private sector?

Back

Businesses operating to make a profit.

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What is the public sector?

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Responsible for providing services like healthcare and education, funded through taxation.

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What is the third sector?

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Organizations that rely on donations, fundraising, and grants, such as charitable foundations.

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What is a sole trader?

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A business owned and operated by one person, with advantages like being your own boss and disadvantages like long hours and unlimited liability.

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What is a partnership?

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A business owned by 2 or more people, with shared workload and capital, but also shared profits and potential disagreements.

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What is a private limited company?

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A business owned by shareholders with limited liability, not available to the general public.

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What is a community interest company (CIC)?

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Limited companies that aim to benefit the community, with a social purpose rather than high profits.