1.1.1- 1.1.11 Flashcards
What is a good?
It is a physical object
What is a service
Something that caters to the need of a consumer
What should a business do to effectively meet the needs and wants of a business?
The business must analyse the market trends and should conduct research
What is the primary role of businesses in society?
To make a profit
How does a business cater to the consumers wants and needs
They offer a good or service
What is the significance of consumer willingness to pay?
It determines the price at which a business should sell their service or good
How do businesses contribute to the governments priorities?
By complying with the consumer rights laws
What does the payment of taxes by businesses contribute to?
It contributes to the infrastructure and the public sector
How do businesses enhance the economic security of a country
Increase the cash flow and pay taxes
What factors help business effectively meet consumer needs?
Market research
What is one-way businesses contribute to the well-being of individuals within society
Providing essential products or services to consumers
How do businesses contribute to economic growth?
They innovate products that can benefit society
What do businesses strive to deliver to consumers
A product or service that is of good quality
What role do accounting and finance businesses play as providers of finance to other businesses?
Accounting businesses help with recording transactions and finance businesses help with executing the transactions
How do accounting and finance businesses contribute to economic development?
They help businesses which results in more profit and then more tax for the government
