Ch1 - AO1 Flashcards
1
Q
Business
A
An organization which provides or produces goods and services to meet the needs, and wants of consumers
2
Q
Goods
A
Goods are items which are physical (tangible)
3
Q
Services 
A
Items which are intangible and non-physical 
4
Q
Consumer goods
A
Good sold to consumers for private use
5
Q
Producer goods
A
Goods sold to other businesses to make other goods and services 
6
Q
Needs
A
Things humans have to have to survive
7
Q
Wants
A
Things humans desire above their basic needs
8
Q
Internal stakeholder
A
Anyone with an interest in a business inside, the business
9
Q
External stakeholder
A
Anyone with an interest in a business outside the business
