Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business AQA Alevel > What is a Business Unit 1.1 > Flashcards

What is a Business Unit 1.1 Flashcards

1
Q

What is a business

A

an organisation that transforms resources/inputs into outputs/products purchased by their customers

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

Describe a business

A

Diverse and present in our everyday lives

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

What do Businesses supply and to whom

A

wide range of goods and services , which are demanded by individual consumers and other businesses

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

Define a good

A

physical product e.g suit/house

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

Define a service

A

intangible items e.g insurance/decorating

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

Define product

A

general term which includes goods and services

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

Business are very important…..

A

….. to the UK

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

Why are businesses important to the UK

A

They bring benefits to the country, its economy and its inhabitants

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

State the benefits of businesses to the UK

A

Create Employment
Create Income
Create New Products
Enhance country’s reputation

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

Explain how Businesses create employment

A

Businesses create jobs for individuals. In many cases the business only has one person in it and in some cases the business employs hundreds of thousands of people

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

Explain how Businesses create income

A

Businesses earn profit from their activities which are paid to their owners who therefore earn income. Employees are paid for their work

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

Explain how Businesses create new products

A

Businesses improve lives of people by creating new goods and services. Pharmaceutical businesses (GSK) research and develop new medicines that an cure illnesses, extend life expectancy and improve the quality of people’s lives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Explain how Businesses enhance a country’s reputation

A

Successful businesses help to establish and maintain a country’s reputation for being innovative and forward looking.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How businesses enhance a country’s reputation UK example

A

UK has a strong global rep for producing top quality music and TV programmes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

(Unit 1.1.2) Businesses exist to ……

A

transform inputs/resources into goods and services that are in demand from individuals and other businesses

satisfy our needs for a range of goods and service which we would be unable to provide for ourselves

provide a means to satisfy people’s desire to be creative or to make money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does production process undertaken by business do to the inputs

A

adds value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Why does an increase in value occur to the inputs

A

they are demanded by certain groups of consumers who will receive benefits from having that product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How do businesses interact with us throughout our daily lives

A

Modern methods of communication have brought businesses into our homes , relationships and leisure activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Give an example of business interaction within our everyday lives

A

Using internet to research / communicate with friends as a business would have supplied device (phone/laptop) you use to connect to the internet and a business would have provided internet service and web pages you view

20
Q

Why aren’t we able to provide some goods /services ourselves

A
  • we don’t have the skills/ time to source them

- the costs of supplying them ourselves would be prohibitive

21
Q

An example of this would be without specialist businesses

A

It would be unlikely we would be able to fly to other countries as we don’t have the resources /skills to source this service

22
Q

Privately owned businesses are an efficient means of…

A

supplying the wide variety of goods and services needed by modern economies

23
Q

expand on bs exist to satisfy people’s desire to be creative or to make money

A

some entrepreneurs start businesses that allow them to express creative talents
others make a fortune from creating and expanding businesses

24
Q

people emplyed by businesses have to make many

A

descisions

25
Q

What type of descisions do entrpreneurs have to make

A

vital descisions

26
Q

Give eg of vital descisions entrepreneurs have to make

A 
where to locate the business
how to turn ideas into businesses 
what to sell
how many products should be produced 
what price to sell the products @
27
Q

Who are the descision makers in larger businesses

A

managers

28
Q

Give examples of descions maangers have to make

A

whether to produce a new product or not
whether to try to sell in a foreign market
whether to buy another business

29
Q

State some inputs

A 
people
capital requirements
finance 
land and natural resources 
material and components
30
Q

Wha is the transformation

A

process that adds value

31
Q

State Outputs

A

goods
services
waste

32
Q

What are the types of business

A

Business to Business (B2B)

Business to Consumer (B2B)

33
Q

What is B2B

A

When businesses supply products to other business organisations

34
Q

Give an example of B2B

A

Tata Steel : manufactures steel then sells it t businesses such as car manufcacturesr to help them supply their own products

35
Q

What is B2C

A

When a business supplys products directly to the final consumer

36
Q

Give examples of B2C

A

Mcdonalds

Sony

37
Q

What is the primary sector

A

concerned with extraction of raw materials /natural resources FROM THE LAND

38
Q

Give examples of activities in the primary sector

A 
fishing 
mining 
quarrying oil
agriculture 
forestry
gas extraction
39
Q

What is the Secondary Sector

A

concerned with manufacturing : taking raw materials from the primary sector and converting them into new products

40
Q

Give examples of activities in the Secondary Sector

A

manufacturing
construction
supply of electricity , gas and water

41
Q

What is the Tertiary Sector

A

concerned with providing a service

42
Q

Examples of activities in the Tertiary Sector

A 
teaching (education)
catering
hotels
transport
health
43
Q

TRUE OR FALSE : some businesses operate in more than one sector

A

TRUE

44
Q

Give an example of a business that operates in more than one sector

A

BP
Primary: gas extraction
Secondary: processing mineral oil into petrol and other products
Tertiary: selling products via retail outlets

45
Q

What has the tertiary sector done

A

supplied an increasing proportion of production

46
Q

What has the tertiary sector supplying an increasing proportion of production led to for manufacturing busiensses (concerned with secondary sector)

A

they’ve become less improtant

47
Q

Why have manufacturing businesses become less important

A

businesses overseas able to supply

Business AQA Alevel (23 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions