Business 0.0 / 5 ? Business StudiesBusiness in generalGCSEEdexcel Created by: FlapjackCreated on: 28-05-15 13:57 What is a business? Any organisation that makes goods or provides services 1 of 11 What is the difference between goods and services? Goods are physical, but services are non-physical 2 of 11 What are customer needs? The wants and desires of buyers 3 of 11 What is a business start-up? A new firm operating in a market for the first time 4 of 11 What are suppliers? Firms selling products to other businesses 5 of 11 What is a consumer? The individual who uses the product 6 of 11 What is a market? Any place where buyers and sellers meet to trade products 7 of 11 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 8 of 11 What is a calculated risk? A chance taken after careful estimation of the probable outcome 9 of 11 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 10 of 11 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 11 of 11
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