1) Role Of Business In Society Flashcards
1
Q
Are services tangible or intangible?
A
Services are intangible
They cannot be seen or physically touched
2
Q
What does durable mean?
A
Long lasting
3
Q
What does non-durable mean?
A
Used up quickly
4
Q
What are the stages of the business cycle?
A
Produce
Buy
Wealth
Money
5
Q
What are the four factors of production?
A
Land
Labour
Capital
Enterprise
6
Q
What is an entrepreneur?
A
An individual who has the enterprise to develop a business idea by combining the other factors of production
7
Q
Are goods tangible or intangible?
A
Goods are tangible
They can be seen and physically touched
