what is business activity Flashcards
what is business activity
production, distribution and exchange of goods and services to satisfy needs and wants
define business
an organization that produces goods and services
define services
non-physical products
define goods
physical products that can be seen and felt
define needs
basic goods that are essential for human survival
define wants
desires for goods and services which are infinite
define scarcity
resources with limited availability
what is the main purpose of the business activity
to provide goods and services and satisfy the needs and wants of consumers with availability of resources while making a profit
what is the main aim of private enterprise
to make profit
who owns private enterprise
individuals or groups of individuals
what is the main aim of public enterprise
to provide goods and services that private sectors may be incapable of providing
who owns public enterprise
central or local government
what is the main aim of social enterprise
meet social or environmental goals rather than maximising profit
