Business Theme 1 Flashcards
What is a good?
A physical product (tangible).
What is a service?
An act (intangible).
What is a private business?
A business owned and controlled by private individuals.
What is a public business?
A business owned or controlled by the government.
What is a non profitable business?
Charitable, and voluntary organisations.
What are the four trends?
Environmental, Technological, Social and Ethical.
What is a calculated risk?
A chance of failure which is estimated before action is taken.
What is a reward for a business?
Awards, fame, survival, growth or
making more money than
they would working for
someone else.
What does a business do?
Offers a product or service to customers who want/need them.
How do business ideas come about?
To solve a problem; offer a better, cheaper
way; simple; practicable; can be delivered quickly; have a clear focus; anticipate trends and exploit growing markets.
What does obsolete mean?
Old fashioned, and out-of-date.
Why do businesses fail?
Too much competition; costs; too many laws and
regulations; not researched properly; products are obsolete and external influences.
What does adding value mean?
The difference between what the business pays its suppliers and the price it charges its products or services.
How an you add value to a product?
Adding a brand.
What skills does an entrepreneur have?
Creativity,
