Business Studies 0.0 / 5 ? Business StudiesNature of BusinessBusiness ManagementBusiness PlanningGCSEAll boards Created by: fangxuCreated on: 27-06-17 11:57 Define Business. An organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals needs and wants 1 of 12 Difference between good and service. Goods are items that can be seen or touched (tangible) while services are things that are done for you by others (intangible) 2 of 12 What are the 2 types of goods? Semi-finished good and finished good 3 of 12 Define Production. Activities that combine resources to create products to satisfy customers needs and wants 4 of 12 Define profit. The return, or reward, that business owners receive for producing products that consumers need and 5 of 12 What is the main activity of a business? To sell products to its customers 6 of 12 Describe the relationship between revenue, operating expense and profit. If a business's sales revenue is higher than its operating expense, they have earned a profit 7 of 12 Define employment. The state of having paid work 8 of 12 What is a SME? Small and Medium sized Enterprises 9 of 12 What is geographical spread? The presence of a business and the range of products across a suburb, city, states, country or the globe 10 of 12 What is a local business? Has a restricted geographical spread; serves the surrounding area 11 of 12 What is a national business? A business that operates in just one country 12 of 12
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