Business Flashcards
national 5
what is a good?
a good is a product which is tangible for example a iphone and car
what is a service?
a service is intangible an example of this is a hairdresser or teacher
what does it mean if a product is durable?
the product is long lasting for example like a toothbrush
what does it mean if a product is non durable
goods and services do not last for a long time like a meal
whats a consumer
a product or service that can be consumed by an individual like food and clothes
whats a capital
these goods and services are consumed by businesses so they can provide other goods and services for example tools and machinery
whats a need
a requirement to survive like food and water
whats a want
a desire like concert tickets and holidays
whats a buyer
people who spend money on goods and services
whats a seller
someone who offers products for money
whats a consumer (in roles in society)
people who use up a product
what is the chain split into
inputs, processes and outputs
the adding of value is called?
creation of wealth
customer service
politness to staff. time taken to be served
why do people set up their own business
people might want to be their own boss
where do people get ides for starting up a business
from original ideas
what makes a good entrepreneur
skills - communications and good decisions
qualities- confidence and leadership
4 main types of resources to make products/services
land labour capital enterprise
whats the risks of starting a business
no one buying the product or losing your money
how do businesses reduce risks
producing a business plan
