AQA GCSE Business 3.1.1 The Purpose of Business

AQA GCSE Business
3.1.1 The Purpose of Business
understand what a business is and the reasons for starting a business (including producing goods, supplying services, distributing products, fulfilling a business opportunity and providing a good or service to benefit others)
understand the difference between goods and services, needs and wants
understand the meaning of factors of production – land, labour, capital, enterprise
define opportunity cost
define the three sectors of primary, secondary and tertiary and give examples of types of business that operate in each sector
understand the term enterprise and what is meant by an entrepreneur
outline the characteristics of an entrepreneur, such as hard working, innovative, organised and willingness to take a risk
outline the objectives of an entrepreneur, including to be their own boss, flexible working hours, to pursue an interest, earn more money, identify a gap in the market and dissatisfaction with current job
understand that businesses face a constantly changing business environment due to changes in technology, economic situation, legislation and environmental expectations