The secondary sector comprises businesses that receive raw materials from the primary sector and convert them into value-added products, otherwise known as manufacturing. […]
Category: AQA GCSE Business Studies
What is the Primary Sector?
The primary sector comprises businesses that extract raw materials from the earth. This is typically via mining or harvesting. […]
Opportunity Cost
Opportunity cost is the figurative cost incurred when money is invested in a specific opportunity versus other available alternatives. […]
Enterprise: as a factor of production
Enterprise is starting and steering a project from a potential solution to a commercial problem and into a profitable, successful, sustainable business. […]
Capital: as a factor of production
Capital refers to a business’s financial or investment capacity to deploy resources necessary for operations, growth, or expansion. […]
Labour: as a factor of production
Labour comprises the collective personal effort of workers performing tasks within a business. By labour, business inputs are transformed into marketable products or services. […]