1.1 Business In The Real World Flashcards
Good
goods are items that satisfy human wants and provide utility
Service
A service is a transaction in which no physical goods are transferred from the seller to the buyer.
Business
A organisation that provides a good or supplies a service
Customer
A customer is someone who buys a product
Consumer
A consumer is someone who uses goods or services produced by a business
Entrepeneur
Someone who starts their own business
Social enterprise
Social enterprises are businesses that put the interests of people and planet ahead of shareholder gain
Liability
The state of being legally responsible for something
Unlimited liability
Unlimited liability company involves general partners and sole proprietors who are equally responsible for all debt and liabilities accrued by the business
