Understanding Business 2022

Which sector of economy is missing?

Private, Public & ?

The public sector is owned and controlled by?

• The Government

• Private Individuals

• People who want to make a profit

• Charities

Answer explanation

The public sector is owned and controlled by the government. It is made up of public organisations such as the NHS and Police Scotland

A social enterprise is....

• An organisation who aim to provide a service

• An organisation who aim to tackle a social or environmental issue

• An organisation who turn raw materials into finished goods

• An organisation who's sole purpose is to make a profit

Identify an aim/objective of a private sector business

Select the advantages of being a sole trader

• Profits do not have to be shared

• Workload is shared

• It is easier to raise finance

• It is easier/faster to make decisions

The most difficult command word is

• Outline

• Identify

• Explain

• Discuss

A partnership is made up of 2-20 people

• True

• False

Political, Environmental, Social, Technological, ?, Competition

Which external factor would include the changes in laws and legislation

Which external factor would include the changes in fashions and trends