Business In The Real World Flashcards
What is business
A buniness is an organisation design for products and services.
What is a product
A producted is when you statisfy a custumer that can be touched or tangible
What is a service
Is something you cannot touch or non tangible that can help and suport people.
What would you use land for in business
Somwhere to produce the goods
Where would you use a capital in a business
Money to get the business started
What would use labour in business
People to work in the business
What is Enterprise
This is a drive or motavation from the owners to start a business
Primary sector
The primary sector extracts raw material from the earth.e.g coal,diamonds,trees
Secondary sector
Scondary sector is when people use raw material into finished goods.e.g plastic metal and other materials to make a car.
Tertiary sector
The tertiary sector is support service which also includes shops,retail banking,and insurance.e.g transport goods
what does Entrepreneur mean
A person who starts a business and takes a financial risk in hope of making profit.
Why do people start a business?
People start busineses because people have skills so they maybe wants to make money by producing goods.They might want to supply a service to help people.
Entrepreneur objectives
.To be your own boss which means that you can make all the decisions in the business.
.If you work hard in your own business you can earn alot of money.
Changes in technology in a business
.Small businesses are now able to set up virtually online due to websites.
.new technology in vr meaning that there are alot of new products on the gaming market.
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