providing goods and services 1.2

What are the three sectors of industry?

Primary, Secondary, and Tertiary.

What does the Primary sector involve?

Production of raw materials such as farming, mining, and forestry.

What is the role of the Secondary sector?

Manufacturing raw materials into goods, such as in factories.

What do businesses in the Tertiary sector provide?

Services, such as those offered by retailers, hotels, or schools.

What is the Chain of Production?

The process linking the primary, secondary, and tertiary sectors in production.

What are the four factors of production?

Land, Labour, Capital, Enterprise.

Define 'Land' in the context of production.

Natural resources needed to produce goods.

What does 'Labour' refer to in production?

Physical and mental efforts needed to produce goods and services.

What is 'Capital' in terms of factors of production?

The money and fixed capital required to produce goods and services.

What is the role of 'Enterprise' in production?

Individuals who generate ideas to start a business and organize other factors of production.

Define 'Consumers'.

Final users of goods and services, at the end of the distribution channel.

What are 'Services'?

Non-physical intangible items that cannot be touched.

Give an example of a Personal Service.

Hairdressing or car repair.

What are Commercial Services?

Services primarily for businesses, like transport and warehousing.

Define 'Needs'.

Items essential for survival, such as food and shelter.

What are 'Wants'?

Items that enhance lifestyle but are not necessary for survival.

Define 'Markets'.

Places where buyers and sellers meet to exchange goods and services.

What is the role of a retailer?

To sell goods to consumers and possibly provide customer service.

List one function of a retailer.

Display goods.

What are Consumer Goods?

Goods produced for final consumers.

Give an example of Durable Goods.

TV, mobile phone, washing machine.

What are Producer (Capital) Goods?

Goods produced for other businesses to create additional goods and services.

Define Non-Durable (Single Use) Goods.

Goods that are immediately consumed or have a lifespan less than three years.

What do 'Retailers' do?

Sell goods to consumers and buy stock from wholesalers or manufacturers.

What is 'Breaking Bulk'?

Buying in large quantities and selling in small amounts.

What does it mean for a retailer to be 'Closer to Consumer'?

Being local to the consumer's vicinity.

What is the difference between wants and needs?

Needs are essential for survival, while wants enhance lifestyle.

What is an example of a service that an individual might use?

Taxi service.

What is an example of a good produced for consumers?

Cars, food, or clothes.

What are examples of items in the Primary sector?

Fresh lettuce, eggs, and crisps.

What is a tangible item?

A good that can be physically touched.

What type of goods do cafés sell?

Consumer goods.