OTHER BUSINESS INFORMATION SIZE OF BUSINESS Small business
OTHER BUSINESS INFORMATION
SIZE OF BUSINESS Small business – under 50 employees l Sole trader, partnership, local Medium business – 50 – 250 employees l Private limited companies, national Large business – 250 or over l Public limited companies, multinational
NATIONAL BUSINESS Most have household names Are easily recognised Have a large workforce Have branches in major towns Boots the Chemist l River Island l HMV l
MULTI-NATIONAL BUSINESS Sell goods and services worldwide Operate in more than one country Have Headquarters in more than one country l l Ford Mac. Donalds IKEA Shell
SECTORS OF THE ECONOMY The UK has a mixed economy. This means that there is A PRIVATE SECTOR Businesses owned by private individuals A PUBLIC SECTOR Businesses owned by the government
PRIVATE SECTOR Sole Trader Partnership Private Limited Company Public Limited Company Co-operatives Franchises
PUBLIC SECTOR ALSO KNOWN AS PUBLIC CORPORATION Nationalised industries Public Services : - water, BBC Central Government – Defence, Hospitals Local Government – Roads, Housing etc
BUSINESS ACTIVITY Businesses involved with natural resources Business involved in manufacturing Farmer Builder Businesses providing a service Bank
THE CHAIN OF PRODUCTION Products often pass through the CHAIN OF PRODUCTION From Primary to Tertiary Farmer breeds and milks cow Milk is processed into cheese Restaurant or Shop sells cheese
What happens to the value of the product as it passes through the chain?
VALUE ADDED Farmer’s milk sold to cheese processor Processed cheese sold to supermarket Block of cheese sold to customer
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