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If you're planning to open a business, you'll see that there's different types of businesses to choose, each with their own legal structure and rules.

An entrepreneur is someone that can turn ideas into actual innovation, creating their own business or corporation, for example. It is someone creative and interested in improving or facilitating peoples' lives on a daily basis, creating something new they think is needed or fixing a problem.

*note: sectors of industry can also be called sectors of economy.

Business functions are processes or operations that secure the correct functioning of an organisation.

Economists divide the factors of production into four categories: land, labour, capital and enterprise.

Maslow's hierarchy of needs is a theory of motivation which states that five categories of human needs dictate an person's behavior. Those needs are physiological needs, safety needs, love and belonging needs, esteem needs, and self-actualization needs.