3.1.1 The purpose and nature 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
BBC Bitesize - What is a Business? - BBC Bitesize - Why start a Business?
NASA moon exercise - BBC Bitesize: Goods vs Services - Tutor to you: Factors of Production - Dragon's Den - Primary, Secondary and Tertiary Sectors - Nestle case study
What resources go into hotdogs
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Rubik's cube world record video
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Dragon's Den Successful Entrepreneurs - Summary of a range of topics covered so far - 5 minutes with Lord Sugar - Enrepreneurs : Duncan Bannatyne
Peter Jones meets the Constantines and Chris Dawson
What Jamie Oliver's Restaurant 15 is all about
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Anita Roddick Interview
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Telegraph article on Financial Crisis - BBC article on Brexit - BBC article on Employment - BBC article on Child Car Seat Rules - National Minimum & Living Wage - Dragon's Den Video - Guardian article on 5p Plastic Bags - Just Eat Delivery Robots - BBC article on 3D Printers - Polaroid Case Study
Goods vs Services
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External Influences
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