Business - purpose of a business 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: Muhammed Bilal AkhtarCreated on: 14-02-23 14:27 What are the reasons to start a business? To produce a good, to produce a service, to fill a gap in the market. 1 of 17 What are goods? Tangible products that can be used and stored. 2 of 17 What are services? Intangible products that cannot be stored 3 of 17 What are wants? Things that people would like to have but they can live without it. 4 of 17 What are needs? Needs are things that are required in order to survive. 5 of 17 What are the four factors of production? Land,labour,capital, and enterprise 6 of 17 What is Land? The physical land where the business is located and the natural resources that they might need. 7 of 17 What is labour? The staff needed by the business 8 of 17 what is capital? The machinery and equipment needed by the business in order to produce and sell the good to the customers. 9 of 17 What is enterprise? The entrepreneur that takes the risk to start up a business using the other three factors of production. 10 of 17 What is opportunity cost? Something that is given up in order to do something else. 11 of 17 What is the primary sector ? The sector of the business that produces or extracts raw materials 12 of 17 what is the secondary sector ? The sector that makes or manufactures goods. 13 of 17 What is tertiary sector? The sector that provides services. 14 of 17 What are the business functions? human resources, operations, marketing and finance 15 of 17 What are the characteristics of an entrepreneur? Hardworking, organised, innovative. 16 of 17 what are the objectives of an entrepreneur? to be their own boss, to earn income, To have flexibility working hours . 17 of 17
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