Topic 1 Business In The Real World Flashcards
1
Q
Define business
A
Something that invests in trade for profit
2
Q
What do businesses offer
A
Products and services
3
Q
Factors of production
A
Land
Labour
Capital
Enterprise
4
Q
Shareholder
A
Owns a share of the business -gaining profit from it
5
Q
Stakeholder
A
Person affected by business
6
Q
Ethics
A
Moral principles for conducting activities
7
Q
Enterprise
A
Business run by an entrepeneur
8
Q
Entrepeneur
A
Person who takes the financial risk of starting a business
9
Q
Opportunity cost
A
What is given up in order to pursue something else
10
Q
Dynamic market
A
Always changing
11
Q
Franchise
A
Run by a franchisee who has gained the legal rights to work for another company
