1.Businesses Flashcards
1
Q
What is a business?
A
It is an organisation whose purpose is to produce goods and services to meet the needs and wants of customers
2
Q
Where might a business get their goods?
A
They might produce their own goods or buy them from a supplier and sell them to customers
3
Q
What should be thought when setting up a business?
A
Business opportunities Financing of a business Requirements to start the business Legal aspects What products and services are going to be sold and to whom
4
Q
What is a supplier?
A
It is a business that sells products to another business
5
Q
What is production?
A
Using raw materials, labour and machinery to make products
6
Q
Who is a customer?
A
A person or organisation that uses buys the product or service
7
Q
Who is a consumer?
A
The person that uses (consumes) the product
8
Q
Define market
A
It is where buyers and sellers meet to exchange goods
