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Business IB > What is a business? > Flashcards

What is a business? Flashcards

1
Q

What is a business?

A

An organisation that provides goods or services in return for revenue

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2
Q

What is revenue?

A

All money that is received by a firm for selling goods and services

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3
Q

What is a good?

A

All money that is received by a firm for selling goods and services

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4
Q

What is a service?

A

a transaction in which no physical goods are transferred from the seller to the buyer

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5
Q

What is the transformation process?

A

Transforming inputs into outputs

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6
Q

What are the 4 inputs?

A

Capital
Enterprise
Land
Labour

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7
Q

What is land?

A

Raw materials, site for building

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8
Q

What is labour?

A

Employees, staff, labour. They are rewarded by salaries or wages. They can be permanent or not.

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9
Q

What is capital?

A

Technology, machinery, finance, factories/offices

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10
Q

What is enterprise

A

The skills of the business and to run the business

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11
Q

What are the outputs?

A

Finished products
Pollution (air, water)
Unused raw materials
General waste

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Business IB (39 decks)

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