Chp 1 - People in business Flashcards
Whats a commercial business?
Provides goods and services with the aim of making a profit
Whats a non-commercial business?
Provides a service that puts people before profit
Whats an entrepreneur?
A person who spots a gap in the market, comes up with an idea and then takes personal and financial risks to set up a business with the hope of making a profit
What an investor?
Provides the entrepreneur with the capital needed to set up and run a business
What does an employer do?
Hires staff, ensures a safe workplace and pays a fair and agreed wage/salary
Whats an employee?
A person employed to work in the business in return for a wage/salary
Whats does a producer do?
Takes raw materials and processes them into finished goods
Whats a consumer?
A person who buys goods and services for their own personal use
Whats a manager?
A person responsible for the day-to-day running of the business
Whats a supplier?
Other firms who supply the business with raw materials or finished goods for resale
Whats a competitor?
A rival firm competing for market share in the same line of business
Whats an interest group?
A group of people who work together to campaign for a common goal
Whats a trade association?
An interest group founded and funded by businesses that operate in a specific industry
Whats a stakeholder?
Individuals or organisations affected by the actions and policies of a business
Whats a salary?
Money earned by an employee regardless of hours worked
