1.1 The Purpose And Nature Of Businesses Flashcards

1
Q

Good

A

A physical product, such as a car

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2
Q

Service

A

An intangible product, such as a bus journey

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3
Q

Customer

A

Someone who buys a product from a business

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4
Q

Consumer

A

Someone who uses goods and services produced by a business

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5
Q

Entrepreneur

A

Someone who is willing to take the risks involved in starting a new business

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6
Q

Entrepreneurship

A

Refers to the ability to be an entrepreneur- To take risks to develop a business idea

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7
Q

Social Enterprise

A

A business that is set up to help society rather than make a profit, charity etc.

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8
Q

Resources

A

Are the inputs that businesses use to provide their goods or services

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9
Q

Enterprise

A

Essensially another word for business

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10
Q

Interest

A

Is the money paid by banks as a reward to attract people to save with them

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11
Q

Interest rate

A

Refers to the cost of borrowing money or the reward for saving money, expressed as a percentage

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12
Q

Inflation

A

Refers to the rate of which prices are increased- money is ‘worth less’

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13
Q

Gross Domestic Product (GDP)

A

Measures all the income earned by a country’s economy in a year

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