What Is A Business? Flashcards
1
Q
What’s the definition for a business?
A
An organisation that exists to produce goods or supply services to customers
2
Q
What are goods
A
Actual objects, can be touched felt and held, produced and consumed
3
Q
What are services
A
Activities, intangible, provided my other people or businesses
4
Q
What is an enterprise?
A
Another name for a business, describes the actions of someone who takes a risk by setting up, investing in and running a business
5
Q
What is adding value?
A
The difference between the price of the finished product or service and the cost of the inputs involved in making it
