Role of business Flashcards
what is the role of a business?
The role of a business is to produce and distribute goods and services to satisfy a public need or demand
What is a good?
A good is a tangible product that satisfy a customers need and wants
What is a service?
A good is a in-tangible product that satisfy a customers needs and wants
What is profit
what remains after all business expenses have been deducted from sales revenue
what is choice?
choice is the act of selecting among alternatives
what is Innovation
an improvement on something already established
what is Entrepreneurship
the ability and willingness to start, operate and assume the risk of a business revenue in the hope of making a profit
what is Quality of life
measures non-financial aspects of a job that might lead to worker happiness or unhappiness
