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The role of business in society is to satisfy human wants by providing goods and services. Factors of production and types of organisations in business are key concepts in understanding how businesses operate within different sectors of the economy. This guide explores these fundamental aspects of higher business management as covered in the SQA Higher Business Management course specification.
8/5/2022
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This section introduces the key topics covered in the course, including the role of business in society, factors of production, sectors of industry, sectors of economy, and types of organisations. It aligns with the outcome of analyzing features, objectives, and internal structures of large organisations from different economic sectors.
Highlight: The course aims to compare features of large organisations across various economic sectors.
Business activity is crucial in satisfying human wants by providing goods and services. This section defines business activity and distinguishes between goods and services.
Definition: Business activity is any kind of activity that results in the provision of goods and services which satisfy human wants.
Vocabulary: Goods are tangible items, while services are intangible.
The section also categorizes consumer goods into durable and non-durable goods, providing examples of each.
Example: Durable goods include cars and washing machines, while non-durable goods include sweets and newspapers.
This page provides a clear classification of items into goods and services, helping students understand the tangible and intangible nature of business outputs.
Example: Goods include mobile phones, computers, and cars, while services include doctors, hairdressers, and banking.
The section further categorizes goods into consumer goods (sold to the general public) and industrial goods (used to produce other goods).
Definition: Consumer goods are items sold directly to the public, while industrial goods help in the production of other goods.
This page explains the difference between durable goods (lasting more than a year) and non-durable goods (single-use items).
Example: Durable goods include lightbulbs and laptops, while non-durable goods include food and petrol.
The role of an entrepreneur in business is introduced, highlighting their importance in starting businesses and taking risks.
Definition: An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.
Example: Jeff Bezos (Amazon), Arianna Huffington (Huffington Post), and Elon Musk (SpaceX) are notable entrepreneurs.
This section details the specific responsibilities and actions of entrepreneurs in business creation and management.
Highlight: Entrepreneurs develop business ideas, organize resources, generate finance, and combine factors of production.
The concept of factors of production is introduced as essential resources for business activity.
Definition: Factors of production are the resources used to produce goods and services, classified into four categories.
This page provides a detailed explanation of the four factors of production: land, labour, capital, and enterprise.
Vocabulary:
An interactive activity is presented to help students classify various items into the four factors of production categories.
Example: Air and rivers are classified as land, salespersons as labour, factories as capital, and store owners as enterprise.
This comprehensive guide covers key concepts in higher business management, focusing on the role of business in society, factors of production, and types of organisations in business. It provides valuable insights into the 4 types of business sectors and the sectors of economy business, essential for understanding the SQA Higher Business Management course specification.
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maisie miller
@maisiemiller_tyob
·
3 Followers
Follow
The role of business in society is to satisfy human wants by providing goods and services. Factors of production and types of organisations in business are key concepts in understanding how businesses operate within different sectors of the economy. This guide explores these fundamental aspects of higher business management as covered in the SQA Higher Business Management course specification.
This section introduces the key topics covered in the course, including the role of business in society, factors of production, sectors of industry, sectors of economy, and types of organisations. It aligns with the outcome of analyzing features, objectives, and internal structures of large organisations from different economic sectors.
Highlight: The course aims to compare features of large organisations across various economic sectors.
Business activity is crucial in satisfying human wants by providing goods and services. This section defines business activity and distinguishes between goods and services.
Definition: Business activity is any kind of activity that results in the provision of goods and services which satisfy human wants.
Vocabulary: Goods are tangible items, while services are intangible.
The section also categorizes consumer goods into durable and non-durable goods, providing examples of each.
Example: Durable goods include cars and washing machines, while non-durable goods include sweets and newspapers.
This page provides a clear classification of items into goods and services, helping students understand the tangible and intangible nature of business outputs.
Example: Goods include mobile phones, computers, and cars, while services include doctors, hairdressers, and banking.
The section further categorizes goods into consumer goods (sold to the general public) and industrial goods (used to produce other goods).
Definition: Consumer goods are items sold directly to the public, while industrial goods help in the production of other goods.
This page explains the difference between durable goods (lasting more than a year) and non-durable goods (single-use items).
Example: Durable goods include lightbulbs and laptops, while non-durable goods include food and petrol.
The role of an entrepreneur in business is introduced, highlighting their importance in starting businesses and taking risks.
Definition: An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.
Example: Jeff Bezos (Amazon), Arianna Huffington (Huffington Post), and Elon Musk (SpaceX) are notable entrepreneurs.
This section details the specific responsibilities and actions of entrepreneurs in business creation and management.
Highlight: Entrepreneurs develop business ideas, organize resources, generate finance, and combine factors of production.
The concept of factors of production is introduced as essential resources for business activity.
Definition: Factors of production are the resources used to produce goods and services, classified into four categories.
This page provides a detailed explanation of the four factors of production: land, labour, capital, and enterprise.
Vocabulary:
An interactive activity is presented to help students classify various items into the four factors of production categories.
Example: Air and rivers are classified as land, salespersons as labour, factories as capital, and store owners as enterprise.
This comprehensive guide covers key concepts in higher business management, focusing on the role of business in society, factors of production, and types of organisations in business. It provides valuable insights into the 4 types of business sectors and the sectors of economy business, essential for understanding the SQA Higher Business Management course specification.
Business - Business key terms
All of the key terms from unit 1-5 and 7 with there definitions. Can use theses for flash cards or just revision notes
128
3141
1
Business - business calculations
calculations
18
377
0
9
Business - BUSINESS (Finance) Calculations
All the Business Calculations you need for Finance Section
11
304
0
17
Average App Rating
Students use Knowunity
In Education App Charts in 12 Countries
Students uploaded study notes
iOS User
Stefan S, iOS User
SuSSan, iOS User
