Section 1 - 1.1 Intro To Business Flashcards
Business plan
The document that sets out the bigness idea, its goals and objectives and other details of how the business will operate. It is often a crucial part of an attempt to raise external sources of finance
Businesses
An organization involved in the production of goods and/or the provision of services
Consumers
Are the people or organizations who use a product
Customers
The people or organizations that buy the product
Entrepreneurs
Are owners or operators of an organization who manage, organize and plan the other three factors of production.
They are risk takers who exploit business opportunities in return for profits
Intrapreneurship
Is the acct of behaving as an entrepreneur but as an employee within a large business.
They work in an entrepreneurial capacity, with authority to create innovative products or new processes for the organization
Needs
The basic necessities that person must have to survive eg. Food water e.c.t
Primary sector
A business involved in the cultivation or extraction of natural resources e.g. farming, mining, quarrying, fishing, oil
Product
Can refer to both goods and services
Goods
Physical products e.g. cars, books, food
Services
Are intangible products e.g. haircuts, bus rides, education and heath care
Quaternary sector
Is a subcategory of the tertiary sector, where businesses are involved in intellectual, knowledge-based activities that generate and share information e.g. information communications technology and research organizations
Secondary sector
Is the section of the economy where business activity is concerned with the construction and manufacturing of products
Sectoral change
Refers to a shift in the relative share of gross domestic product and employment that is attributed to each business sector
Tertiary sector
Refers to the section of the economy where business activity is concerned with the provision of services to customers
