Business Key Points

What is a business?

• A business is an organisation which sells goods and services.

What does the term goods mean?

• Goods are things which are produced by the business. Raw materials are taken and manafactured into products.

What does the term service mean?

• Services are provided by businesses to meet a consumers wants and needs.

What is the difference between Needs and Wants?

• Needs are something that someone cannot live without whereas a want is something that a person desires.

What are the three sectors of a business?

• Primary Sector

Businesses that are involved in extracting raw materials.

• Secondary Sector

Businesses involved in manafacturing a product.

• Tertiary Sector

Businesses involved in providing services for the benefit of others.