What is a business?

  • Created by: Amina2408
  • Created on: 27-04-18 11:34
What is a business?
A business can be delivering goods (products) or a service (Helping Public).
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What does the term self - employed mean?
This is a business run by one person in which they are their own boss. They may hire others in which they become the owner of the business in which they manage their employees (workers).
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Define the following keywords; Goods, Service, Customer needs.
Goods - a product (hairbrush) Service - providing support or help to the public (hairdressing or Ring and Ride) Customer needs - what the customer desires and what they want and need.
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Define a start - up business.
This is a business who is a new firm operating in the market for the first time.
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Describe the contrast between customer and a consumer.
Customer - a person who is looking for their needs or what they may desire. Consumer - a individual or a group who is already using the product. Sometimes the customer and consumer are different people such as a parent buying their children a pen.
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What does the term market mean and what has it got to do with competition?
Market - where buyers and sellers meet to trade products, this can be a shop or even a website. Competition - competing with other businesses. This links to marketing as you need to sell a unique product in order to be better than your competition
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Describe adding value (inputs and outputs).
Adding value refers to increasing the price of a product even when it's actual cost may be lower. Therefore, this helps the business in terms of increase of profit. Inputs - raw materials etc that are put into the product. Output - the product.
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Define Primary production.
This involves acquiring the materials names that you may need to make your product or carrying out your service. For example for production of petrol you will need oil.
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Define Secondary production.
This involves the actual production and the operation of making the actual product or service. In other words, the process of manufacturing and assembly process.
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Define Tertiary production.
This involves the commercial services of promoting the product/service. For example,advertising or transport. In other words, marketing process.
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Lastly, define Interdependence.
This is when you rely on another business in different sectors for raw materials, components or distribution.
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Other cards in this set

Card 2

Front

What does the term self - employed mean?

Back

This is a business run by one person in which they are their own boss. They may hire others in which they become the owner of the business in which they manage their employees (workers).

Card 3

Front

Define the following keywords; Goods, Service, Customer needs.

Back

Preview of the front of card 3

Card 4

Front

Define a start - up business.

Back

Preview of the front of card 4

Card 5

Front

Describe the contrast between customer and a consumer.

Back

Preview of the front of card 5
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