Introduction To Business

Question 1

Business

Answer 1

Any organisation that produces or supplies goods or services.

Question 2

Service

Answer 2

This is a business that does not produce goods but involves some action being taken on behalf of the individual or a business.
Examples include: hairdressing and healthcare.

Question 3

Goods

Answer 3

Any product that can be seen or felt. Examples include: mobile phones, houses and dvds.

Question 4

Product

Answer 4

General term used to cover both goods and services.

Question 5

Profit

Answer 5

This is the amount of money a firm has left from selling its products.