Business Key Points

Key Terms Of Business

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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.
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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.

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