Role of a Business Flashcards
Business
based on customers wants and needs - either a good or service
Good
a tangible item - physical thing
Service
a intangible thing - e.g. knowledge
Providing goods and services
while providing goods and service production is vital
Production
activities undertaken by the business
- to satisfy the customers
Profit
the money remained once the business deducts the revenue
Employment
the number of employees depends on the nature of the product
Income
money received to employees from he or she’s labour
Choice
picking between alternatives - more competition the more choice
Innovations
the new product or service or improvements to exisiting one
Wealth
the more assets the more wealthier the business
Quality of life
overall wellbeing of an individual however is degraded by the pollution and land clearing used to make the product
