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
Wants
People’s desires for goods and services. Wants are infinite.
Example of Wants
Holidays, a better house, a bigger car, a better education and a cleaner environment.
Infinite
without limits in space or time
Finite
Having an end or a limit
Scarce
Resources with limited availability
Private sector
Business organisations owned by individuals or groups of individuals
Public sector
Business organisations owned by central or local government
Stakeholder
An individual or group with an interest in the operation of a business
Entrepreneur
Person who takes risks and sets up businesses; individual who organises the other factors of production and risks their own money in a business venture
