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Understanding Business Sizes and Economic Sectors: A Comprehensive Overview

This article explores different sizes of businesses, distinguishing between small, medium, and large enterprises. It highlights the characteristics and examples of national and multinational corporations. The piece also examines the private and public sectors, detailing their roles in the economy. Additionally, it covers the chain of production, demonstrating how products gain value at each stage from primary to tertiary sectors. Understanding these dynamics is crucial for navigating the economic landscape and recognizing the significance of various business activities.

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Understanding Business Sizes and Economic Sectors: A Comprehensive Overview

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  1. OTHER BUSINESS INFORMATION

  2. SIZE OF BUSINESS • Small business – under 50 employees • Sole trader, partnership, local • Medium business – 50 – 250 employees • Private limited companies, national • Large business – 250 or over • Public limited companies, multinational

  3. NATIONAL BUSINESS • Most have household names • Are easily recognised • Have a large workforce • Have branches in major towns • Boots the Chemist • River Island • HMV

  4. MULTI-NATIONAL BUSINESS • Sell goods and services worldwide • Operate in more than one country • Have Headquarters in more than one country • Ford • MacDonalds • IKEA • Shell

  5. 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

  6. PRIVATE SECTOR • Sole Trader • Partnership • Private Limited Company • Public Limited Company • Co-operatives • Franchises

  7. PUBLIC SECTOR • ALSO KNOWN AS PUBLIC CORPORATION • Nationalised industries • Public Services :- water, BBC • Central Government – Defence, Hospitals • Local Government – Roads, Housing etc

  8. BUSINESS ACTIVITY Businesses involved with natural resources Primary Business involved in manufacturing Secondary Farmer Builder Tertiary Businesses providing a service Bank

  9. 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 Primary Secondary Tertiary

  10. What happens to the value of the product as it passes through the chain? It becomes more expensive Value is added

  11. VALUE ADDED • Farmer’s milk sold to cheese processor • Processed cheese sold to supermarket • Block of cheese sold to customer 15p More Expensive 85p £1.30

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