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.
Sectors of a business
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.