Introduction to Business Flashcards
What is meant by enterprise?
Another term for a company
What is an entrepreneur?
An individual who sees a gap in the market and creates a product to fill it
State three traits of an entrepreneur
Risk taking, confident, creative, imaginative, leadership
What is the primary sector?
The part of the economy which extracts raw materials and foods
What is the secondary sector?
The part of the economy concerned with industry and manufacturing
What is the third sector?
The part of the economy which is non-profit making
What is the tertiary sector?
Service sector
What is the public sector?
A part of the economy owned by the state
What is the private sector?
The individually owned part of the economy
What is a local market?
Goods sold where they’re made
What is a national market?
Goods sold in the same country they were made
What is an international market?
Goods sold globally
What is a National business?
Customers in one country
What is a multinational business?
Customers are worldwide
What is a business aim?
Long term visions of a business
