Business

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  • Created by: Flapjack
  • Created on: 28-05-15 13:57
What is a business?
Any organisation that makes goods or provides services
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What is the difference between goods and services?
Goods are physical, but services are non-physical
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What are customer needs?
The wants and desires of buyers
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What is a business start-up?
A new firm operating in a market for the first time
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What are suppliers?
Firms selling products to other businesses
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What is a consumer?
The individual who uses the product
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What is a market?
Any place where buyers and sellers meet to trade products
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When does a business add value?
When the selling price of an item produced is higher than the cost of all the resources used to make it
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What is a calculated risk?
A chance taken after careful estimation of the probable outcome
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What is a business plan?
A report by a new or existing business that contains all of its research findings and explains why the firm hopes to succeed
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What is product differentiation?
When businesses become more competative by making products that stand out from the competition in terms of price, quality or service
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Other cards in this set

Card 2

Front

What is the difference between goods and services?

Back

Goods are physical, but services are non-physical

Card 3

Front

What are customer needs?

Back

Preview of the front of card 3

Card 4

Front

What is a business start-up?

Back

Preview of the front of card 4

Card 5

Front

What are suppliers?

Back

Preview of the front of card 5
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