Flashcards in Role Of Business In Society 1 Deck (19):
What is a business?
A business is an organisation that involves people and resources in the making of a good or the provision of a service. All businesses have a name, image, a set of aims that they want to achieve, resources and rules.
What is a good?
Goods are tangible, which means they can physically touched and seen.
What is a service?
Services are intangible, which means they can not be physically touched or seen.
Give examples of goods
Cars, clothes, sweets, books, shoes, washing machines.
Gives some examples of a service.
Banking, public transport, hairdressing, edcucation, insurance, entertainment (cinema,theatre)
Explanation of the Business Cycle
The process of buying and selling is an ongoing one. This is why developing a h business is a long-term process.
Give the explanation of the 1st stage The Business Cycle
Businesses produce a good or a service to meet customers wants.
Give the explanation of the 2nd stage of The Business Cycle
Customers buy goods and services to satisfy their wants .
Give the explanation of the 3rd stage of The Business Cycle
Wealth is created for the business and for their employees and owners.
Give the explanation of 4th stage The Business Cycle
Customers have money to spend form their wages and want other goods and services.
What is the Factors of Production
Land, Labour,Capital and Enterprise.
What is Land?
Land is the natural resources that businesses use.
Give examples of Land
A plot of land, Coal, Water, River, forests and fields.
What is Labour?
Labour is the work force of a business
Give examples of Capital
Tractors, Lorries, Motor Vehicles, Buildings, Factories and Tools/Equipment.
Give examples of labour
Teachers, Cleaners, Joiners, Shop assistances.
What is Capital?
Capital is the tools, machinery and equipment that a business owns.
What is Enterprise?
Enterprise is the business ideas that entrepreneurs and owners have about how the make a profit.