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GCSE Business Studies TOPIC 1 > The purpose and nature of Business > Flashcards

Flashcards in The purpose and nature of Business Deck (18)
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1
Q

Business

A

An organisation which produces or supplies a product or service

2
Q

Goods

A

Physical products. For example: a bike, a phone ect

3
Q

A service

A

Is an intangible product. For example: a financial service, delivery, public transport.

4
Q

A customer

A

Someone who purchases a product or service.

5
Q

A consumer

A

Someone who uses a product or service.

6
Q

Entrepreneur

A

Someone who takes a risk to start a business

7
Q

Social enterprise

A

An organisation which helps people without profit in mind

8
Q

Intangible

A

Something you cannot physically touch or see

9
Q

Marketing

A

The methods a business uses to promote either itself, or one of it’s products or services to expand it’s customer base

10
Q

Finance

A

The management of a business’ money and investments

11
Q

Human resources

A

The hiring, training and management of a company’s staff to fit working conditions

12
Q

Operation

A

The organisation of the day to day functions of a business to help it run efficiently

13
Q

Primary Sector

A

Extracting raw materials, harvesting crops ect

14
Q

Secondary sector

A

Raw goods being manufactured into finished goods

15
Q

Tertiary sector

A

Shops, retail, banking, insurance and support services

16
Q

The functions of a business

A

Marketing, Finance, Human Resources, Operation

17
Q

Characteristics of an entrepreneur

A

Creativity
Risk taking
Determination
Confidence

18
Q

Changes which lead to a constantly changing business environement

A

Technology; economic situation; legislation; environmental expectations