1.1 Purpose and Nature Of Business Flashcards
1
Q
Business
A
Organization that provides goods or services in exchange for money
2
Q
Product
A
An article or substance that is manufactured or refined for sale
3
Q
Service
A
Assistance given to customers in exchange for money
4
Q
Capital
A
The money used to build,run or grow a business
5
Q
Entrepreneurship
A
The activity of setting up a business or businesses, taking on financial risks in the hope of profit
6
Q
Labour
A
The efforts exerted to produce any goods or service
7
Q
Primary sector
A
The economic sector that revolves around the extraction of raw materials/natural resources
8
Q
Secondary sector
A
Where the materials are put together to make the product
9
Q
Tertiary Sector
A
The retail of the goods
