Buisness Flashcards
what is business
business is a person’s regular occupation, profession, or trade.
what is economics
economics is the the branch of knowledge concerned with the production, consumption, and transfer of wealth.
what is the gender pay gap
The gender pay gap measures the difference between average (median) hourly earnings of men and women, usually shown by the percentage men earn more than women.
what are poverty lines
The poverty line is an estimated, imaginary line developed by economists in order to define a poor person.
what is finance
finance is a large amount of money managed especially by governments or large companies.
what is a goal
a goal is something you want to achieve for your business to improve it or to renew it
what is an objective
an objective is a result that business owners want to see their business doing, it is a goal or a direction for their business
what is strategy
strategy is how to reach a goal with different ways
what is a tactic
a tactic are the actions/different ways that need to happen to reach a goal
what is a need
a need is something you have to have in order to survive or to complete a task
eg: i need a shelter, food and clothes
what is a want
a want is something you desire to have you don’t need it to survive it is something you might like to have
eg: i want a iphone 13 for my birthday
what is customer focus
customer focus is when a business places the customer needs and
wants at the center of ask of its decisions.
Goods and services are developed around
a consumers preference.
what is customer service
customer service is the assistance and advice provided by a company to those people who buy or use its product or services.
what is a target market
a target market is a group who will buy your products and wish to purchase your product.
what is good
a good is a product that you can touch
eg: food, technology and clothes (tangible)
what is a service
a service is an action usually done by the employee
eg: school, bank and bus (intangible)
what is a consumer
a consumer is a person or group that is final user of goods and services produce in an economy (3 characteristic)
what are producer
producers are induvials and business involved in the production of goods and services
what is traditional market
a traditional market is a flourishing economy that existed through the people trading their items for items they did not have.