Business in the real World 1 0.0 / 5 ? Business StudiesBusiness in the real WorldGCSEAQA Created by: Zara84Created on: 15-12-22 16:31 A tangible item that can be used and stored. Good 1 of 12 An intangible actions that cannot be stored. Service 2 of 12 A desire. Want 3 of 12 Something you can't survive without. Need 4 of 12 The physical land where the business is located and also the natural resources that a business might need. Land 5 of 12 This includes the staff needed by the business and the skills and qualifications they have. Labour 6 of 12 This is the machinery and equipment needed by the business to make the products or provide the service. Capital 7 of 12 This is the entrepreneur who takes a risk and creates the business using the other three factors of production. Enterprise 8 of 12 When something that is given up in order to do something else. Opportunity cost 9 of 12 This sector is made up of businesses that produce or extract raw materials. Primary 10 of 12 This sector which makes or manufactures goods. Secondary 11 of 12 This sector provides services. Tertiary 12 of 12
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