The primary sector of industry, Extracts and uses the natural resources of Earth to produce raw materials used by other businesses., The secondary sector of industry, Manufactures goods using the raw materials provided by the primary sector., The tertiary sector of industry, Provides services to consumers and the other sectors of industry., A mixed economy, Has both a private sector and public (state) sector., Public sector, The sector of the economy in which organisations are owned and controlled by the state (government)., Private sector, The sector of the economy in which organisations are owned and controlled by individuals., Privatisation, The sale of state-owned assets such as public corporations to the private sector., Sole trader, A business owned and operated by one person., Limited liability, The liability of shareholders in a company is limited to only the amount they invested., Unlimited liability, The owners of a business can be held responsible for the debts of the business they own. Their liability is not limited to the investment they made in the business., Partnership, A form of business in which two or more people agree to jointly own a business., Shareholders, The owners of a limited company. They buy shares which represent part-ownership of the company., Private limited companies, Businesses are owned by shareholders but they cannot sell shares to the public., Public limited companies, Businesses are owned by shareholders but they sell shares to the public and their shares are tradeable on the Stock Exchange., Franchising, The franchisor is a business with a product or service idea that it does not want to sell to consumers directly. Instead, it appoints franchisees to use the idea and product and to sell it to consumers., A joint venture, is when two or more businesses agree to start a new project together, sharing the capital, the risks and the profits., Production, The process of converting inputs such as land, labour, and capital into saleable goods, for example shoes and cell phones., Inventories, The stock of raw materials, work-in-progress and finished goods held by a business., Lean production, The production of goods and services with the minimum waste of resources., Job production, The production of items one at a time., Batch production, The production of goods in batches. Each batch passes through one stage of production before moving onto the next stage., Flow production, The production of very large quantities of identical goods using a continuously moving process., Just-in-time, Is a production method that involves reducing or virtually eliminating the need to hold inventories of raw materials or unsold inventories of the finished product., Kaizen, Continuous improvement, Cell production, Is where the production line is divided into separate, self-contained units (cells), each making an identifiable part of the finished product, instead of having a flow or mass production line., Operation management, Is the business discipline concerned with designing, planning, executing, and controlling the systems that convert inputs (such as raw materials, labor, equipment, and energy) into outputs (goods and services for customers)

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