Ch1 - AO1

Question 1

Business

Answer 1

An organization which provides or produces goods and services to meet the needs, and wants of consumers

Question 2

Goods

Answer 2

Goods are items which are physical (tangible)

Question 3

Services 

Answer 3

Items which are intangible and non-physical 

Question 4

Consumer goods

Answer 4

Good sold to consumers for private use

Question 5

Producer goods

Answer 5

Goods sold to other businesses to make other goods and services 

Question 6

Needs

Answer 6

Things humans have to have to survive

Question 7

Wants

Answer 7

Things humans desire above their basic needs

Question 8

Internal stakeholder

Answer 8

Anyone with an interest in a business inside, the business

Question 9

External stakeholder

Answer 9

Anyone with an interest in a business outside the business