GCSE Business Studies Unit 1 Starting a Business

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Presentation transcript:

GCSE Business Studies Unit 1 Starting a Business Business Resources

Images © thinkstockphotos.co.uk Learning Outcomes Explain the resources a business needs (land, labour, capital and enterprise) Analyse how businesses use resources differently Images © thinkstockphotos.co.uk

Resources a business needs LAND ENTERPRISE LABOUR Business Resources CAPITAL Images © thinkstockphotos.co.uk

Resources a business needs Land Includes the land used to build premises, roads and farmland Also refers to all the natural resources and raw materials, for example, oil, fish and coal 2. Labour Refers to all human resources who work in a business Labour can be both physical and mental Images © thinkstockphotos.co.uk

Resources a business needs 3. Capital Includes money invested by owner Also includes items bought with this money, known as capital items e.g. fixed assets 4. Enterprise Refers to the person with the idea and skills to bring the other factors together and organise them Without Enterprise there would not be a business Images © thinkstockphotos.co.uk

How businesses use resources differently Primary Production Businesses in this sector acquire raw materials from the land. For example, farming and mining. For these businesses LAND would be the most important business resource. As they need resourceful land to operate their business. Secondary Production This is the manufacturing sector which makes products from raw materials. Businesses in this sector may rely more heavily on LABOUR (skilled workforce) and CAPITAL to buy raw materials and to manufacture products. Tertiary Production This refers to all the businesses offering services. For example, insurance, banking, hairdressing and teaching. Businesses in this sector would require a central business location close to its customers, so, LAND would be very important. LABOUR would also be important as businesses compete to offer an excellent service ALL business sectors require enterprise as a business resource. Without ENTERPRISE there would not be a business Images © thinkstockphotos.co.uk

Images © thinkstockphotos.co.uk Check List Learning Check – Do you know . . . 1. The resources a business needs? 2. How businesses use resources differently? Images © thinkstockphotos.co.uk