Business In The Real World (Busuiness In The Real World) Flashcards
What is a business?
A business is an organisation designed to provide products and service.
What is a product?
A product is anything that is capable of satisfying a customer needs. It is tangable (Something You can touch)
What is a service?
A service is an act that a business person carries out for you (Intangable)
What are the 4 facords of production?
Land - Produce goods
Labour - People work in business
Capital - Money to get it started
Enterpise - Motivation from owners
What does tangable mean?
Tangable is something you can touch, for example a product.
What does intangable mean?
Intangable is something you cant touch, for example a service.
What is Land?
It produces goods
What is labour?
People who work in business
What is a capital?
Money to get it started
What is an enterprise?
Motivation from owners
What are the 3 business categories?
Primary (Dog)
Secondary (Make)
Tertiary (Sell)
What is a primary category?
Extracts raw materials from the planet
What is a secondary category?
It makes products that will satisfy customor needs, they also manufacture it
What is a tertiary category?
It sells products, and also support services. Examples are lorries and transport of goods
What is an Entreprenuer
Someone who has an idea to start a business and takes financial risk in the hope of making a profit
