understanding business Flashcards
what dose a business provide?
a product and/or service
what is the difference between a need and a want?
a need is something you cant live without such as clothing, food, heat, shelter while a want is something you desire but can live without.
whats the difference between a good and a service?
a good is tangible while a service is non tangible
give an explanation and a example of a durable and non durable good?
durable means it can be used again like a hammer or cloths while non durable means it can only be used once like a match or bog roll.
what dose cell stand for?
capital
enterprise
land
labour
what is capital?
all resources which have been made by labour, such as machinery and other equipment
what is enterprise?
organizing the other factors of production and taking the risk of producing goods or services in advance of them being sold