business Flashcards
what is a Product
a product is a physical product sold by a bussines
what is a service
a service is an action of doing work or giving advice to someone
what is a customer
someone who byes a product or service from a business
what are the 4 factors of production
land
capital
enterprise
labour
what are the 3 stages of production
primary
secondary
tertiary
4 types of business ownership
sole trader
partnership
public limited company
private limited company
what is a sole trader
someone who operates a business alone
what is a partnership
a business operated by 2 or more people
What is a business?
A business is an organisation that offers a good or a service in return for payment
Describe a primary business sectors
Producing raw materials which are extracted from nature.
Describe a Secondary business sectors
Manufacturing goods which are made from raw materials and turned into finished goods. This sector also includes firms involved in construction.
Describe a Tertiary business sectors
Providing services. This sector will also include businesses involved in the distribution process.
Name 7 Entrepreneurial qualities
Innovative
Risk-takers
Hard working
Organised
Persuasive
Leadership skills
Focused
What are some entrepreneurs objective (there are 5)
Making a profit
See a gap in the market
Being their own boss
Work-life balance
Skills and interest
what is opportunity cost
Something you have to give up when making a decision in business
