business Flashcards
(16 cards)
What’s a need?
A need is something you need to survive.
What’s a want?
A want is something that brings pleasure to someone but it isnt an essential item.
What’s a good?
A good is something you can see and touch.
What’s a service?
A service is something that is done for you.
What’s consumption?
Consumption is the using up of a good/service.
What does durable mean?
Durable is something that’s able to withstand more force than other objects.
What does non-durable mean?
something that is not designed to be used for a long time and handle use.
What does land mean?
Land refers to the extraction of natural resources above and below the earths surface (eg oil mining and coal mining)
What does labour mean?
Labour refers to the human resources (eg employees for a business).
What does capital mean?
Capital refers to the man-made resources (eg machinery)
What does enterprise mean?
Enterprise refers to bringing the other 3 factors together to make an idea to create a product or service.
What’s the chain of production?
The chain of production is the steps to making a product.
What does primary mean?
Businesses involved in the extraction of our natural resources above and below the earths surface. (eg farming, fishing, forestry, coal mining)
What does secondary mean?
Businesses involved with taking raw materials (from the primary sector) and manufacturing a product (eg car manufacturing, cake making)
What does tertiary mean?
Businesses involved with providing a service (eg hotel cinema supermarket, travel agent)
What’s a sole trader?
A sole trader is an individual who owns their own company. They are entitled to their profits and they are their own boss.
