Business Management
Question 1: Define tertiary sector
It’s an economic sector that involves firms that provide services to
consumers and other businesses; for instance: insurance and hotels.
Question 2: Outline the factors of production needed to set up the business
providing CVs to school leavers.
Factors could be:
o Land: for example, area to build the gym on
o Capital: money need to finance the project for example: money to
buy gym equipment.
o Labor: employees like trainees and receptionist that will work in
the gym.
o Enterprise: a unique idea that will make the gym differ than any
other.
Question 3: Explain two reasons why new businesses might start up in the
tertiary sector.
Lessens start-up capital as there is no need for as much capital equipment
With rising incomes people tend to spend more on services and thus is an
are of interest to people
It is the most profitable sector