Chapter 1 - Introduction to Business

Question 1

what is a business

Answer 1

a business is an organization that meets the needs and wants of customers

Question 2

What is a need

Answer 2

a need is needed for survival

Question 3

what is a want

Answer 3

a want is not needed for survival but good to have

Question 4

Goods are…

Answer 4

goods are tangible meaning that can be seen and touched

Question 5

Services are

Answer 5

Services are intangible meaning that they cannot be seen or touched but can be experienced

Question 6

what does the C represent in C.E.L.L

Answer 6

Capital

Question 7

what is capital

Answer 7

capital refers to the buildings and equipment used in the business

Question 8

what does the E represent in C.E.L.L

Answer 8

Enterprise

Question 9

what is enterprise

Answer 9

it means the ability to see opportunities and take risks to earn profits for the business

Question 10

what is an entrepreneur ?

Answer 10

an entrepreneur is someone who starts the business

Question 11

what does the L represent in C.E.L.L

Answer 11

Land

Question 12

what is land

Answer 12

land refers to the natural resources used in the business

Question 13

what does the L represent in C.E.L.L

Answer 13

labour

Question 14

what is labour

Answer 14

labour refers to the people invloved or who work for the businesss

Question 15

what do all businesses go through

Answer 15

competitions and trends

Question 16

what happens if the businesses ignore these competition and trends

Answer 16

this will affect the businesses ability to attract customers

Question 17

what is direct competition

Answer 17

is when 2 businesses sell the same or similar goods or services

Question 18

what is indirect competition

Answer 18

is when 2 businesses sell products of different categories that satisfies the same needs and wants of customers

Question 19

what are trends?

Answer 19

businesses face trends owing to the changes around the business environment

Question 20

what is one example of trends

Answer 20

advancements in technology

Question 21

what is customer expectations

Answer 21

it means what the customer expect from the business like the goods , services and overall experience.

Question 22

what is technological development

Answer 22

it refers to the business’s increasing reliance on technology

Question 23

what are some ways that businesses use with technology

Answer 23

1. their own website that informs others about the business
2. online chat services
3. for those ordering at restaurants they can use self ordering or checkout kiosks to beat the long queues