Why Businesses Exist Flashcards
1
Q
What do businesses supply?
A
Goods or services
2
Q
What are goods?
A
Physical items
3
Q
What are necessities?
A
Essentials that people need
4
Q
What are the 3 advantages of owning a business?
A
Profit
Be your own boss
Can do something you are interested in
5
Q
Why do businesses need to make a profit or break-even?
A
To survive
6
Q
Why do businesses need to survive?
A
To not go bankrupt and close down
7
Q
What 3 other aims does a business have?
A
Highest quality possible
Great reputation
Diverse range of products
7
Q
What do NGOs have?
A
Ethical and social aims
