Enterprise and Sectors of Industry

A set of vocabulary flashcards covering the concepts of enterprise, the characteristics and importance of entrepreneurs, and the different sectors of industry in the UK economy.

Enterprise

Activities undertaken to gain a profit, turn a hobby into a business, provide employment for oneself using redundancy money, or be one's own boss.

Needs

A limited number of requirements that must be satisfied for survival, including physical needs like food and shelter, and psychological needs like self-esteem and love.

Wants

Unlimited desires for a better quality of life that are not basic needs, such as better housing, longer holidays, and entertainment.

Entrepreneur

Someone who starts and runs a business, makes a product or provides a service, often employs people, and tries to make a profit.

Innovation

The process of bringing new ideas to the market and driving the development of new technologies, a key characteristic of many entrepreneurs.

James Dyson

A classic example of an entrepreneur known for bringing a range of new products to the market, including the Dyson vacuum cleaner.

Balance of Payments

An economic measure helped by entrepreneurs who increase exports and by hi-tech manufacturing industries earning money for the UK.

Primary Sector

The extractive part of industry that produces raw materials like iron ore and oil, as well as final products like fish and oranges.

Secondary Sector

The sector comprising manufacturing and construction industries that make, build, and assemble products.

Tertiary Sector

The sector providing services that give value to people but are not physical goods, such as finance, travel, and leisure.

Direct Services

A classification of tertiary services provided to people, such as the police and hairdressing.

Commercial Services

A classification of tertiary services provided to businesses, such as business insurance and financial services.

De-industrialisation

The decline in once prosperous secondary industries such as shipbuilding, steel, textiles, and car manufacturing.

UK Employment Sector Percentages

The distribution of the UK workforce where the tertiary sector employs approximately $80\%$, the secondary sector $18\%$, and the primary sector $2\%$.

Hi-tech Industry

Manufacturing sectors including computers, telecommunications, and aerospace that place a significant emphasis on research and development.

GDP

A measure of the value of output to which each sector of industry contributes.