1.1: What Is A Business Flashcards
1
Q
What is a business?
A
Any organization which provides a product/service that has added value to make a profit.
2
Q
What is a product?
A
Tangible goods.
3
Q
What is a service?
A
Intangible goods.
4
Q
What is added value?
A
An element which appeals to your consumers.
5
Q
What are consumer goods?
A
A finished product sold to the general public.
6
Q
What are consumer services?
A
A finished service sold to the general public.
7
Q
What are business inputs?
A
Land, Labor, Capital, Enterprise.
