Unit 1 Flashcards
Premises
Buildings and land used by a shop or business
Business
Organisation that produces goods and services.
Organisation
Group, such as a club or business, that has formed for a particular purpose
Goods
Physical products, such as a mobile phone, a packet of crisps or a pair of shoes
Services
non-physical products, such as banking, car washing and waste disposal
Output
Amount of goods or work produced by a person, machine or factory
Human Resources (HR)
In some businesses, the department that deals with employing, training and helping people
Consumer Goods
Goods and services sold to ordinary people (consumers) rather than businesses
Example of Consumer Goods (Goods)
Smartphone, Chips, Magazines, Computer Games, Handbag
Example of Consumer Goods (Services)
Health care, Banking, Air travel, Education, Garden design
Producer Goods
Goods and services produced by one business for another
Example of Producer Goods (Goods)
Delivery van, Office furniture, Tools, Sugar cane, Tractor.
Example of Producer Goods (Services)
Market research, insurance, software design, printing, industrial cleaning.
Needs
Basic requirements for human survival. Needs are finite.
Example of Needs
water, food, warmth, shelter and clothing
