What Is A Business Flashcards
1
Q
Define business
A
A business is an organisation that exist to provide goods and services on commercial basis to customers
2
Q
What are Goods and Services?
A
Goods are physical products
Services are intangible products
3
Q
Benefits of Businesses are?
A
Creates employment
Drive innovation through R&D
Pays taxes on profit to gov
Create wealth by providing returns on investment
4
Q
4 factors of production
A
Land
Labour
Capital
Enterprise
5
Q
A
Mission
Corporate/ Strategic
Functional
Team
Individual
