The Dynamic nature of business Flashcards
Business
An organisation that provides goods or services for people to buy to satisfy their needs
Original ideas
Products that have not been seen in the market before
Obsolete
A product with sales that have declined or come to an end as customers find something new
Bankrupt
When an individual is unable to pay his/her debts, even after all personal assets have been sold for cash
Dynamic nature of business
The ideas that business is ever-changing because external factors such as technology are always changing
How do you calculate percentage change
change/original x 100
Entrepreneur
Business people who see opportunities/ ideas and are willing to take risks in making them happen
Risks of entrepreneurship
Business failure: could affect the entrepreneur mentally and could badly affect others.
Financial loss: The entrepreneur could be financially be affected. Could lead to bankruptcy
Lack of security: the entrepreneur might not have a job to go back to and they won’t be receiving any income.
A good
is a physical or tangible product such as a car or a table
A service
is a non-physical or intangible item such as a taxi ride or a hair cut
A need
is a good or service that is essential to survival
A want
is something that is desired but is not essential
