BTEC BUSINESS UNIT 1
Business - answerAn organisation or economic system where goods & services are
exchanged for money.
Private sector - answerthe part of the economy that involves the transactions of
individuals and businesses
Public sector - answerthe part of the economy that is controlled by the government
Not for profit sector - answerA business dedicated to furthering a particular social cause
or advocation for a shared point of view
Sole trader - answerA business in which one person provides the permanent finance
and, in return, has full control of the business and is able to keep all of the profits
Partnership - answera business organization owned by two or more persons who agree
on a specific division of responsibilities and profits
Private limited company - answerA business owned by shareholders with limited liability
but whose shares cannot be bought by or sold to the general public.
Public limited company - answerA limited company whose shared are freely sold and
traded
cooperative - answera business organization owned and operated by a group of
individuals for their mutual benefit
limited liability - answerA form of business ownership in which the owners are liable only
up to the amount of their individual investments.
unlimited liability - answerThe owner is personally and fully responsible for all losses
and debts of the business
Primary sector - answerThe portion of the economy concerned with the direct extraction
of materials from Earth's surface, generally through agriculture, although sometimes by
mining, fishing, and forestry.
Secondary sector - answerthe part of the economy that transforms raw materials into
manufactured goods
Tertiary sector - answerthe part of the economy that involves services rather than goods
Business - answerAn organisation or economic system where goods & services are
exchanged for money.
Private sector - answerthe part of the economy that involves the transactions of
individuals and businesses
Public sector - answerthe part of the economy that is controlled by the government
Not for profit sector - answerA business dedicated to furthering a particular social cause
or advocation for a shared point of view
Sole trader - answerA business in which one person provides the permanent finance
and, in return, has full control of the business and is able to keep all of the profits
Partnership - answera business organization owned by two or more persons who agree
on a specific division of responsibilities and profits
Private limited company - answerA business owned by shareholders with limited liability
but whose shares cannot be bought by or sold to the general public.
Public limited company - answerA limited company whose shared are freely sold and
traded
cooperative - answera business organization owned and operated by a group of
individuals for their mutual benefit
limited liability - answerA form of business ownership in which the owners are liable only
up to the amount of their individual investments.
unlimited liability - answerThe owner is personally and fully responsible for all losses
and debts of the business
Primary sector - answerThe portion of the economy concerned with the direct extraction
of materials from Earth's surface, generally through agriculture, although sometimes by
mining, fishing, and forestry.
Secondary sector - answerthe part of the economy that transforms raw materials into
manufactured goods
Tertiary sector - answerthe part of the economy that involves services rather than goods
