Business in the real world

Sole trader

An entrepreneur who solely owns the business and its assets

Partnership

Two-twenty people who run a business together

Need

Something you cannot live without

Want

Something you would like to have but do not need to survive

Land

Earths natural resources

Labour

The work done by people who contribute to the production process

Capital

The equipment, factories, schools etc

Enterprise

The entrepreneurs who take risks

Primary sector

Raw materials , natural resources which are produced to make goods or services

Secondary sector

Manufactures goods, they turn raw materials into finished goods

Tertiary sector

Provides services

Goods

Physical items

Services

Actions performed by people to aid the customer

limited companies

Shareholders own it, they cannot loose more money than they invest and separate legal identity from the owners

Private limited companies

Shares can only be sold if all the shareholders agree also have Ltd after their name

Public limited company

Shares are traded on a stock exchange and can be bought and sold my anyone