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buisness > Business in the real world > Flashcards

Business in the real world Flashcards

1
Q

Why do people set up businesses?

A

People want goods and services

Benefit society

Distribute goods

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2
Q

What are customers’ needs?

A

The things people can’t live without

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3
Q

What is the primary sector?

A

The primary sector produces raw materials.

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4
Q

What is the secondary sector?

A

The secondary sector manufactures goods

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5
Q

What is the tertiary sector?

A

these services can take a wide variety of forms and can exist to serve customers, businesses or a combination of both.

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6
Q

A entrepreneur has to be able to…

A

Identify business opportunities

Take risks

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7
Q

What is an entrepreneur?

A

A person who sets up a business

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8
Q

What is the business environment characterised by?

A
  • Legislation
  • The economy
  • Technological advancements
  • Environmental expectations
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9
Q

What are some good qualities of an entrepreneur?

A

Willing to take risks
Hardwiring
Organised
Innovative

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10
Q

What are the risks that entrepreneurs face when starting a new business?

A

Financial loss
Lack of security
Failure

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11
Q

What are some reasons to become a entrepreneur?

A

Financial rewards

Being their own boss being able to pursue an Interest at work

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12
Q

Which two Rs describe the upside and downside of starting a new business?

A

Risk

Reward

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13
Q

What does B2C mean?

A

Business to consumer

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14
Q

What does B2B mean?

A

Business to business

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15
Q

What are the four factors of production?

A

Land
Labour
Enterprise
Capital

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16
Q

What is a business?

A

An organisation exists produce goods or supply services to customers.

17
Q

What are the 4 business functions?

A

Operations
Marketing
Human Resources
Finance

18
Q

Who owns a limited company?

A

Shareholders

19
Q

Who owns a sole trader business?

A

Owner

20
Q

What is a stakeholder?

A

It is an individual or group of individuals that are affected by a business.

21
Q

What are the 5 main stakeholders in a business?

A

Supplies
Employees
Local community
Customers

22
Q

Which stakeholder usually has the biggest impact on a business?

A

The owner

23
Q

What is unlimited liability?

A

The personal possessions of the owner are at risk if there are any problems in the business

24
Q

What are the 4 different types of businesses?

A

Sole trader
Partnership
Public limited company
Private limited company

25
Q

What is a sole trade?

A

It is an individual owning the business on there own

buisness (8 decks)

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