What is a business Flashcards

1
Q

What is a business?

A

A business is an economic activity that involves the exchange purcheses or sale production of goods and services with a motive to earn profits and satisfying the needs of customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

why do people do business?

A

the reason my people do business is to earn profits while taking a finacial risk for hope of profits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what are wants and needs

A

Wants are desires or aspirations that go beyond basic human needs, However needs are . Needs are things that people require to survive.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is capital

A

Capital is the money and assets used to start or manage a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Lebor

A

is s physical and mental efforts of humans in order to produce goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is production?

A

Production is the process of making or manufacturing goods and products from raw materials or components.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Indirect production

A

Indirect production involves producing goods and services for the purpose of exchange or sale in the market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Direct production

A

Direct production, also known as subsistence production, is when individuals or communities produce goods and services primarily for their own consumption, rather than for sale or trade.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

profit

A

Profit is in the financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

service

A

Services are intangible , value-added activities that a company provide to its customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Scarcity

A

Scarcity is the demand for a good or service is greater than the availability of the good or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Division of labour

A

The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialize.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly