3.1 Business Flashcards
What is a business
An Organisation that provides goods and services to customers that want or need them
What is a need
required for human beings to survive
what is a want
not required for a human to survive but makes life better some way
what is a good
physical products that are made or bought or sold
what is a service
activities that other people or business do for you
why would you start a business
new products
gap in the market
gain employment
be your own boss
earn income and make profit
provide a service
utilise a particular skill
what are factors of production
name the four factors
the inputs available to supply goods and services in the economy
Land
Labour
Capital
Enterprise
What is land
natural resources available for production
what is labour
human input into a production process
what is capital
goods in the supply of other products
what is enterprise
organsised factors and taking risks
what is opportunity cost?
the benefit forgone from the next best alternative
what is the primary sector
produce goods using natural resources extracted from the ground that are grown or collected
what is the secondary sector?
manufactured goods used to make other goods or services
consumer goods
what is the tertiary sector
provide services to other businesses and customers
