Chapter 1 (Business Activity And Influences On Business) Flashcards
Premises
Buildings and land used by a shop or business
Business
Organisation that produces goods and services
Organisation
Group such as a club or business, that has formed for a particular purpose
Goods
Physical products, such as a mobile phone, a packet of crisps or a pair of shoes
Services
Non-physical products, such as banking , car washing and waste disposal
Output
Amount of goods or work produced by a person, machinery or factory
Human Resources
the department that deals with employing, training and helping people
Consumer goods
Goods and services sold to ordinary people (consumers) rather than businesses
Producer goods
Goods and services produced by one business for another
Needs
Basic requirements for human survival
Wants
People’s desires for goods and services
Meaning of these words:
Infinite
Finite
Scarce
Infinite: without limits in space or time
Finite: having an end or limit
Scarce: resources with limited availability
Private sector
Business organisations owned by individuals or groups of individuals
Public sector
Business organisations owned by central or local government
Stakeholder
State all the 8 stakeholders
Stakeholder: an individual or group with an interest in the operation of a business
Theses are the stakeholders: owners, customers, employees, managers, financiers, suppliers, the local community and the government
