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Business 3 > 1. Business environment > Flashcards

1. Business environment Flashcards

1
Q

8 Benefits of business

A 
Profit
Employment
Incomes
Choice
Innovation
Entrepreneurship and risk
Wealth
Quality of life
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2
Q

What is the PIECE acronym?

A

Production, Investment, Employment, Careers, Enterprise

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3
Q

Production

A

Production is activity undertaken by business combining resources to create a good or service to satisfy a consumers needs and wants
Reliance on R&D
Reliance on investment
Contribution to GDP
Choice
Contribution to innovation (quality of life)

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4
Q

Employment

A

Financial security, slowing crime and drug use allowing stronger community
Small to Medium Enterprises (SME) employ a lot of people which allows more money (Disposable income) to circulate locally which creates more employment

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Business 3 (6 decks)

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