Why Businesses Exist Flashcards

1
Q

What do businesses supply?

A

Goods and services.

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2
Q

What are goods?

A

Physical items e.g. books, furniture.

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3
Q

What are Services?

A

Actions peformed by other people to aid the customer e.g. barber.

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4
Q

Give me 4 reasons why businesses are set up.

A

1) someone starts making a good or providing a service they think customers are willing to buy.

2) start business that distributes goods.

3) set up to benefit other people, non profit organisations.

4) They see a business opportunity, an investment.

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