the purpose and nature of business
- Created by: ft28
- Created on: 08-05-20 18:42
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- reasons for starting business
- pursue an interest
- to be their own boss
- to provide a service or a product to benefit others
- escape an uninteresting job
- work from home
- to keep all the profit
- business- an activity that requires he organisation of resources to achieve a reward
- goods- physical tangible products such as food, devices
- services-non physical products such as hairdressing
- need-somethingyou would struggle to live without e.g water, food
- want-somethingyou don't need for daily life e.g an iPad, orange juice.
- industry sectors
- primary sector- the first stage of production uses raw materials e.g fisherman
- secondary sector - manufacturing stage
- tertiary sector- provides services like schools, hospitals, shops
- factors of production
- landr
- natural resources
- territory
- enterprise
- risks taken to create things
- capital
- schools
- equipment
- labour
- people
- landr
- labour
- people
- opportunity cost
- when you choose between things and the one you don't choose is the opportunity cost.
- enterprise
- the creation of a business to meet the needs and wants of the customers
- entrepreneur
- Someone who takes the risk of starting their own business
- entrepreneur
- the creation of a business to meet the needs and wants of the customers
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