understanding business

Question 1

what dose a business provide?

Answer 1

a product and/or service

Question 2

what is the difference between a need and a want?

Answer 2

a need is something you cant live without such as clothing, food, heat, shelter while a want is something you desire but can live without.

Question 3

whats the difference between a good and a service?

Answer 3

a good is tangible while a service is non tangible

Question 4

give an explanation and a example of a durable and non durable good?

Answer 4

durable means it can be used again like a hammer or cloths while non durable means it can only be used once like a match or bog roll.

Question 5

what dose cell stand for?

Answer 5

capital
enterprise
land
labour

Question 6

what is capital?

Answer 6

all resources which have been made by labour, such as machinery and other equipment

Question 7

what is enterprise?

Answer 7

organizing the other factors of production and taking the risk of producing goods or services in advance of them being sold