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Key Terms

Key Terms. Factors of production Enterprise and entrepreneurs Goods Services Business Functions Synergy Outsourcing Economic or Industrial Sectors Gap in the market Market mapping. What is a business and factors of production.

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Key Terms

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  1. Key Terms • Factors of production • Enterprise and entrepreneurs • Goods • Services • Business Functions • Synergy • Outsourcing • Economic or Industrial Sectors • Gap in the market • Market mapping

  2. What is a business and factors of production Create a mind map to display all the information you require on this topic in one place. Need to include: • Definition: A business is an entity which tries to combine human, physical and financial resources into processing goods or services to respond to and satisfy customers. • Explanation of goods and services. • Explanations and examples of the ‘factors of production’. • Definitions of enterprise and entrepreneurs. • List skills entrepreneurs demonstrate with a famous example who has demonstrated those skills. • Outputs come in different forms: Finished goods for consumers or businesses, component parts for other manufacturers, services for consumers or other businesses.

  3. Business Functions Need to include: • All four business functions with detailed explanations of their activities. • A good organisation needs the all four areas working together as one for success. • Definition of synergy: The interaction of two or more functions to produce a combined effect greater than the sum of its components (1+1=3). • Examples demonstrating businesses without adequate business functions (handout). • A consideration that the traditional idea that you need all four functions is being challenged. • Find an example of a business who outsource their operations (production) facilities well away from their country of origin. • Many small businesses outsource their HR facility to specialist HR company.

  4. Economic Sectors Need to include: • Explanations of sectors (Primary, Secondary, Tertiary, Quarternary). • Provide examples of businesses working in each sector. • Developed countries are often service-based therefore dominated by tertiary businesses. • Disadvantages of this? • Why have they become dependent on the service industry? • Why can developing countries maintain primary and secondary sectors?

  5. Starting a Business Need t include: • Reasons for starting a business. • Market mapping • Complete the example market map for cars. • Create another market map for a market of your choice, try and use different variables (e.g. chocolate bars and price...). • Problems facing start-ups.

  6. Discussion and Investigation • Business investigation – Student workpoint 1.1 • In Western Europe the secondary sector has declined in importance and tertiary industries dominate their economies (de-industrialisation). • Focus on Vestas leaving the Isle of Wight. ‘Isle of Wight Wind Turbine Plant in Protest Against Closure’ • Do some research to find the reasons for Vestas leaving the plant if possible, if you can’t, what reasons might explain it? • Enterprise is a key factor in production. Find out what government policies or actions have been taken to help foster an entrepreneurial culture (locally and UK). Government websites and newspaper websites are a good place to start.

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