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