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Nat 5: Business Management > Unit 1: Understanding Business > Flashcards

Unit 1: Understanding Business Flashcards

1
Q

What is GOODS?

A

Goods are tangible

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2
Q

What does tangible mean?

A

Something can be seen and touched

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3
Q

What does intangible mean?

A

It cannot be seen or touched after it has been provided

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4
Q

What is a SERVICE?

A

Services and intangible.

Often they are something that an organisation does for its customers

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5
Q

Give three examples of goods.

A 
Car
Phone
Magazine 
Candle 
Etc.
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6
Q

Give three examples of services.

A 
Hairdresser
Teacher
Bank
Plumber
Etc.
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7
Q

What does durable mean?

A

The good/ service will last for a long period of time

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8
Q

What does non-durable mean?

A

The good/ service will not last for a long period of time

They are goods that can only be used once

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9
Q

What does consumer mean?

A

This is the individual people that consume the goods and service

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10
Q

What does capital mean?

A

This is the goods and services that are consumed by the business so they can provide other goods and services

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11
Q

Give two examples of durable items.

A

Computer
Car
Toothbrush
Etc.

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12
Q

Give two examples of non-durable items.

A

Biscuit
Cinema ticket
Meal
Etc.

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13
Q

Give two examples of something for a consumer.

A

Food
Clothing
DVD’s
Etc.

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14
Q

Give two examples of capital.

A

Machinery
Vehicles
Tools
Etc.

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15
Q

What must a business do?

A

Satisfy the needs and wants of the consumer

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16
Q

What is a need?

A

Needs are the basic requirements for survival

17
Q

Give two examples of a need.

A

Food
Shelter
Water
Clothing

18
Q

What is a want?

A

Wants are required to make life pleasant for us and include luxuries and other non-essential items

19
Q

Give two examples of a want.

A 
Holidays
Phone
New car
PS3
Etc.
20
Q

What are buyers (or customers)?

A

They are people who spend money on goods or services

21
Q

What are sellers?

A

The people who offer goods or services in exchange for money

22
Q

What are consumers in the role of business?

A

They are the people that actually use the product or service, even if they don’t actually pay for it
e.g. product = Children’s shoes
Consumer = Children
Buyer = Mum/ Dad/ Carer

23
Q

What is scarcity force us to do?

A

Scarcity forces us to make choices

24
Q

What is an opportunity cost?

A

The thing you give up in order to have your choice

e.g. if you choose a mars bar instead of a kit kat then the kit kat is the opportunity cost

25
Q

What is the creation of wealth?

A

Creation of wealth is adding value to each stage of the production process

26
Q

What is the production chain?

A

your input, process and output

27
Q

What is the input?

A

Raw materials

28
Q

What is the process?

A

What you do to make the product

29
Q

What is the output?

A

The finished product

30
Q

What happen to the good as it passes through each stage of production

A

Value is being added to the good

Nat 5: Business Management (4 decks)

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