1.1 The Purpose And Nature Of A Business Flashcards
1
Q
Interest rates
A
the cost of borrowing money or the reward for saving money, expressed as a percentage.
2
Q
Inflation
A
the rate at which prices are increasing.
3
Q
Gross Domestic Product (GDP)
A
measures all the income earned in a country’s economy in a year.
4
Q
Interest
A
the money paid by banks as a reward to attract people to save with them.
5
Q
entrepreneur
A
someone who is willing to take the risks involved in starting a new business.
6
Q
A good
A
a physical product, such as a car.
7
Q
A service
A
an intangible product:
(that is, you cannot touch it), such as financial advice or a bus journey.
8
Q
A customer
A
someone who buys a product from a business.
9
Q
A consumer
A
someone who uses goods and services produced by businesses.
10
Q
Entrepreneurship
A
refers to the ability to be an entrepreneur
