why do businesses exist? MR WHITE Flashcards
What is a business?
An organisation which provides goods or services to individuals or other businesses.
What do businesses exist for?
To provide a good or service and drive innovation through it. They may also try to provide a platform for others and make a profit or contribute towards a charitable cause.
What do businesses exist for?
To provide a good or service and drive innovation through it. They may also try to provide a platform for others and make a profit or contribute towards a charitable cause.
How can businesses create employment?
They offer job opportunities and can provide income.
How can businesses create wealth?
They can create wealthy individuals by paying salaries and this disposable income is then reinvested into the local economy. They can also help fund the government through taxes.
What can the products businesses create do?
They can innovate and help make people’s lives easier.
How can businesses enhance a country’s reputation?
They can provide unique good quality products.
What to businesses do?
They add value by a transformation process which creates a more valuable output.
What is the primary sector?
A sector that works with the raw materials.
What is the secondary sector?
A sector that works the manufacturing of goods.
What is the tertiary sector?
The sector that provides the services.
What are the 2 business supply chains?
Business to Business and Business to Customer.
