(1) What is business activity? Flashcards
1
Q
What is a business?
A
It is an organisation that provides goods and service.
2
Q
What are the two types of goods?
A
Consumer goods
Producer goods
3
Q
What are needs?
A
They are the basic requirements for human survival.
4
Q
What are wants?
A
They are people’s desires for goods.
5
Q
Who is a stakeholder?
A
They are individuals or groups that have an interest in the business.
6
Q
What are the two types of stakeholders?
A
Internal and external stakeholders.
7
Q
Who are the internal stakeholders?
A
They are stakeholders that are within the business. (For example : Owners, Managers, Employees)
8
Q
Who are external stakeholders?
A
They are stakeholders that are outside the business. (For example: Suppliers, the governments, customers, the local community)
