Business Studies Revision Notes


A business is an organisation that produces a good or supplies at a service. 

A business starts up in order to provide a good or service to customers that is somehow different from its rivals. 

A good is a physical product such as car. A service is an intangible item (that is, it is something that you cannot physically touch), such as financial advice or a yoga lesson.

A need is a basic human requirement!

A want is a desire for a particular product or service.

Factors of production are the resources (or materials) that businesses use to provide their goods or services.

The opportunity cost is the sacrifice we make whenever we decide to do anything.

A business which sells (or supplies) products to another business.



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