Unit 1 -Business Basics 0.0 / 5 ? Business ManagementBusiness ManagementNational 5All boards Created by: IIrfanCreated on: 17-09-17 17:51 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
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