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Business IEB grade 10 (Chapter 1-6 actual solution)
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Business IEB grade 10 (Chapter 1-6 actual solution)
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Business IEB grade 10 (Chapter 1-6 actual solution)Business IEB grade 10 (Chapter
1-6 actual solution)
What is the public sector? - answer ✅✅the part of the economy that is
controlled by the government to provide collective goods and services
What is the private sector? - answer ✅✅Entrepreneurs establish businesses to
satisfy customer wants and needs
What is the informal sector - answer ✅✅They do not pay taxes or contribute
to the country's GDP
,Characteristics of the informal sector - answer ✅✅These businesses have no
fixed location. These businesses still contribute to the economy by allowing
businesses in the formal sector to buy resources as well as helping to alleviate
poverty.
The formal sector - answer ✅✅These businesses contribute to the countries
GDP and pay taxes.
Characteristics of the formal sector - answer ✅✅Has a fixed location
What is the primary sector? - answer ✅✅extraction of raw materials. The
people that work in this sector often have low levels of education e.g. farming
What is the secondary sector? - answer ✅✅Materials that are harvested in the
primary sector are turned into consumer goods e.g. manufacturing
What is the tertiary sector? - answer ✅✅Where goods made in the previous
sectors are sold
What is quaternary sector? - answer ✅✅Information and knowledge-based
activities e.g. education
What is the quinary sector? - answer ✅✅Extension of the quaternary sector.
This is the decision-making sector e.g. top management
How are the economic sectors interlinked? - answer ✅✅The sectors all work
together within an economy. The primary sector provides resources to the
secondary sector, which turns those materials into consumer goods which are
then sold by the tertiary sector. The quaternary sector then extracts data and
, information and uses that information to help with decision-making in the
quinary sector
What is the concept of a business? - answer ✅✅Adds value to the economy.
To make profit, but also for social responsibility. Businesses can be in the
public or private sector
What are characteristics of a successful business? (5) - answer ✅✅Strong
leadership
Creates and maintains competitive advantage
Satisfies needs and wants
Utilizes the four factors of production
Adds value to stakeholders
What are the long term objectives of a business? (7) - answer ✅✅Survival
Profitability and growth
Productivity and efficiency
Competitive advantage
Employee developments and relationships
Technological development
Social responsibility
What is the microenvironment? - answer ✅✅The internal factors of the
business. Factors that influence the business from within
What are the 5 things that make up the microenvironment? - answer
✅✅Business functions
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