Purpose and nature

Question 1

What is a business?

Answer 1

It is an organisation that exists to provide goods and services

Question 2

What are goods OTP

Answer 2

• Objects
• Tangible
• Produced and consumed

Question 3

What are services AIP

Answer 3

• Activities
• Intangible
• Provided by other businesses

Question 4

Examples of services

Answer 4

• Transport
• Dentist
• Dry cleaning
• WiFi
• Hair salons

Question 5

Examples of goods 🛍

Answer 5

• Food
• Clothing
• toys
• Animals pets
• Technology

Question 8

What are needs

Answer 8

Needs are goods we need to consume to survive

Question 9

What are wants

Answer 9

Wants are goods and services that we would like but are not essential to live.they are luxuries 🧁🥰🥳🍬🍪⛴

Question 10

Examples of needs

Answer 10

Shelter 🕳 Clothes👕 Food🍯 Air 🌪 Water💧

Question 11

Examples of wants

Answer 11

Technology 💻 Smart watch⌚️ Beee🐝 Pupppppppy🐶 Nintendo 🤗👾

Question 12

How to satisfy customer

Answer 12

Identify their wants and needs

Question 13

Purpose of business Please Pet Sonny Fish Dog

Answer 13

• Producing goods
• Providing a service to benefit others
• Fulfilling a business opportunity
• Distributing objects

Question 20

characteristics of an entrepreneur

(main ones )

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Answer 20

• hard working
• innovative
• organised
• willing to take risks
• motivated

Question 21

why might someone want to set up their own business

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Answer 21

• flexable working hours
• earn more money
• be their own boss
• gap in the market
• dissatisfaction with current job
• persue an intrest

Question 22

what does hardworking mean

Answer 22

• being commited
• not giving up
• putting your all into something you find important
• investing time
• sacraficing things in orger to complete something

Question 23

what does innovative mean

Answer 23

• being creative
• coming up with something new and unique
• original
• hasnt been done or stands out

Question 24

what does organised mean

Answer 24

• having orderly and clear idaes
• have a propper and easy to folow plan
• know what you are doing
• also an orderly work space

Question 25

why is being innovative important to an entrepreneur

Answer 25

• they are more likely to be noticed and stand out more
• people want new things all the time and that’s a good way of capturing attention

Question 32

what is willing to take risks

Answer 32

• the probability of a business being successful on its forst set up is unlikely so the risk is investing time and money.
• however the outcome is not always bad

Question 33

why is hardworking important to an entrepreneur

Answer 33

• the end result will not be as impressive
• if the good or service does get into the market place you will give the impression you are not commited
• what you put in you get out

Question 34

why is being organised important to an entrepreneur

Answer 34

• ideas won’t be presented clearly
• confusion can happen
• you ay miss a vital element
• if you are not organised you may not be able to do

Question 35

What are the three business sectors

Answer 35

Primary Secondary Tertiary

Question 36

Describe primary business

Answer 36

Producing raw materials which are extracted from nature🌳🌲🌵

Question 37

Describe secondary business

Answer 37

Manufacturing goods which are made from raw materials and turned into finished goods. This sector is also involved in construction 🔨

Question 38

Describe tertiary business

Answer 38

Producing services. Also include businesses involved in the distribution process

Question 39

Examples primary business

Answer 39

• Fishing
• Mining
• Oil exploration
• Farming

Question 41

Examples of secondary businesses

Answer 41

Car manufacturers 🚗 Steel Clothing maker Builder ⛑

Question 42

Tertiary business examples

Answer 42

Shops🛍 Transport 🚖 Hairdresser 💇🏽‍♀️ Baking 👨🏽‍🍳 Banks 🏦 Retail