1.1 Purpose And Nature Of Business Flashcards
What is a Customer
The person who buys a product
what is a Consumer
The person who uses the goods and services produced by businesses
What is a Good
A tangible (physical product) item like a phone
What is a Service
A service is a intangable product (cannot physically touch it) like the emergency services or bus service
What is a Entrepreneur
Someone who us willing to take a risk to develop their business ideas
What is a Social enterprise
Group set up to help society(non profit organizeation) and does not make a profit
What is a Business
A business is an organiseation that produces services or a good
What is the Primary sector
Extracts raw material from the planet
What is the Secondary sector
Manufactor from raw materials
what is the Tertiary sector
Sell the product or services.
