Unit 1 - Key terms:- 'What is business?'

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What is a good?
A physical product e.g. banana
1 of 5
What is a service?
An intangible item (something you can't physically hold.) e.g. healthcare
2 of 5
What is an input?
Resources that are required to make a product or provide a service
3 of 5
What is an output?
What the customers will get for their money.
4 of 5
What is added value?
The process of increasing the worth of resources by modifying them.
5 of 5

Other cards in this set

Card 2

Front

What is a service?

Back

An intangible item (something you can't physically hold.) e.g. healthcare

Card 3

Front

What is an input?

Back

Preview of the front of card 3

Card 4

Front

What is an output?

Back

Preview of the front of card 4

Card 5

Front

What is added value?

Back

Preview of the front of card 5

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