1.1 Flashcards
1
Q
Factors of production
A
Land
Labour
Capital
Enterprise
2
Q
Whats a business
A
A business is an organisation designed to provide a product or a service
3
Q
Whats a product
A
A product is anything that is capable of satisfying customer needs, it is tangible and can be touched
4
Q
Whats a service
A
A service is an act that a business person carries out for you in exchange for money
5
Q
Types of business
A
Primary secondary and tertiary sector
6
Q
Social enterprise
A
A business that is set up to help society rather than make a profit
