Unit 1 -Business Basics

HideShow resource information
What is a good ?
Are tangible meaning they can be touched .
1 of 13
What is a service ?
Are intangible meaning they can't be touched .
2 of 13
What is a need ?
Are something a consumer needs to survive such as clothes , food and shelter.
3 of 13
What is a want ?
Are desires that consumers wish for that are not needed for survival but give them satisfaction .
4 of 13
What are the three sectors of Economy ?
Private,Public and Third.
5 of 13
What are the aims of the private sector ?
To make a profit and provide a good service or a good quality product .
6 of 13
What are the aims of the public sector ?
To provide a service to the community.
7 of 13
What are the aims of the public sector ?
To help others usually those in need.
8 of 13
Who owns a business in the private sector ?
Sole traders,partnerships,franchises.
9 of 13
Who owns a business in the public sector ?
Government.
10 of 13
Who owns a business in the third sector ?
Trustees.
11 of 13
What is a franchise ?
A franchise Business is when a sole trader or partnership or private limited company will ask to open a branch of an established business.
12 of 13
What does limited liability mean ?
If the business fails they do not have to pay for the debts of the business ,out of their personal accounts.
13 of 13

Other cards in this set

Card 2

Front

What is a service ?

Back

Are intangible meaning they can't be touched .

Card 3

Front

What is a need ?

Back

Preview of the front of card 3

Card 4

Front

What is a want ?

Back

Preview of the front of card 4

Card 5

Front

What are the three sectors of Economy ?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Management resources:

See all Business Management resources »See all Business Management resources »