refers to the document that sets out the business idea, its goals and objectives and other details of how the business will operate
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What is a business?
Organisations involved in the production of goods and or services
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What are consumers?
The people or organisations who actually use a product
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What are customers?
The people or organisations that buy the product
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What is an entreprenuer?
The owner or operator of an organisation who manage, organise the other three factors of production
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What is an intraprenuer?
Some who acts or behaves as an entreprenuer but as an employee within a large scale business operation. Works in a entrepreneurial capacity, with authority to create innovative products or new processes the organisation.
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What are needs?
The basic necessities a person must have to survive
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What are wants?
Peoples desires
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What is the primary sector?
Businesses involved in the cultivation or extraction of natural resources
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What is a product?
refers to both goods and services, Goods are physical products, whereas services are intangible objects
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What is the Quaternary Sector?
Subcategory of the tertiary sector, where businesses are involved in intellectual knowledge based activities that generate and share information e.g. information communications technology and research organizations.
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What is the Secondary sector?
The section of the economy where business activity is concerned with the construction and manufacturing of products
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What is Sectoral change?
refers to a shift in the relative share of gross domestic product (or national output) and employment that is attributed to each business sector.
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What is the Tertiary Sector?
refers to the section of the economy where business activity is concerned with the provision of services to customers
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Other cards in this set
Card 2
Front
What is a business?
Back
Organisations involved in the production of goods and or services
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