1.1 the purpose and nature of business definitions 0.0 / 5 ? Business Studiesbusiness in the real worldGCSEAQA Created by: sophayCreated on: 21-06-19 09:48 what is a consumer? someone who uses a product 1 of 16 what is a customer? someone who buys a product 2 of 16 what is a good? a physical product 3 of 16 what is a product? a general term for goods and services 4 of 16 what is a service? an intangible product (i.e one that cant be touched) 5 of 16 what is an entrepreneur ? someone who is willing to take the risks involved in starting a business 6 of 16 what is an entrepreneurship? refers to the ability to be an entrepreneur- to take risks to develop a business idea 7 of 16 what is profit? it measures the difference between value of a business's revenue(from sales) and its total costs` 8 of 16 what is a social enterprise a business that is set up to help society rather than to make profit 9 of 16 what are resources? the inputs that businesses use to provide their goods or services 10 of 16 what is interest? the money paid by banks as a reward to attract people to save with them 11 of 16 what is opportunity cost? its what is given up as a consequence of a particular decision 12 of 16 what is the exchange rate? the price of one currency expressed in terms of another 13 of 16 what is gross domestic product (GDP) measures all the income 14 of 16 what is inflation? the rate at which prices are increasing. 15 of 16 what is interest rate? the cost of borrowing money or the reward for saving money expressed as a percentage 16 of 16
UNIT 1 - Business in the real world - Unit 1.1 - The purpose and nature of business 4.5 / 5 based on 3 ratings
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