A business that provides goods or services to customers and they operate within the private or public sector.
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Name some of the main characteristics of a business organisation
Concerned with work, involves two or more people, it competes against other people, harnesses certain skills, operates within business law, has it's own identity
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Name the common factors shared by most business organisations
Organisations: have purposes, employ resuorces, have a formal structure, have to be directed and cotrolled, are accountable, have to meet legal requirments
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Define Entrepreneur
Someone who identifies a gap in the market and spots a unique opportuinty and turns ths into a business enterprise
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Name the main business objectives
Profit, growth, survival, cash flow, social & etical objectives
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What is an objective?
Detailed goals of a business
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What is a mission?
The overall statement which outlines the purpose of the buisness
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What are the different components of profit calculations?
Revenue, fixed costs, variable costs, total costs.
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What is a sole trader?
An individual operating a business independently
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What is a partnership?
A combination of two or more sole traders that are not always equal
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What is a private sector?
Businesses that are not publically owned or controlled
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What is a public sector?
Businesses that are publically owned and controlled
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What are the factors of production?
The land, labour, capital and enterprise (inputs) required to produce good and services (output)
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Other cards in this set
Card 2
Front
Name some of the main characteristics of a business organisation
Back
Concerned with work, involves two or more people, it competes against other people, harnesses certain skills, operates within business law, has it's own identity
Card 3
Front
Name the common factors shared by most business organisations
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