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Role of business
The roles of businesses
| Question | Answer |
|---|---|
| What is a business? | The organised effort of individuals to produce and sell for a profit; and to satisfy customer wants. |
| What do businesses do? | Businesses sell products, which can be goods (tangible) and/or services (intangible) |
| What does tangible mean? | Can be seen and touched -> can be physically consumed |
| What does intangible mean? | Things done for consumers -> cannot be touched, seen or consumed. |
| What is a good | A good is a tangible object |
| What is a service | A service is an intangible thing that others do for consumers |
| Profit | Money left over when expenses are deducted from revenue |
| Revenue | Money gained from selling products |
| Costs | Money required for production |
| Employment | Businesses employ people to work for them |
| Income | Businesses pay employees wages (income) in return for labour |
| Choice | Allow consumers to choose the different features, quality and price for the product they want |
| Innovation | Allow for new ideas |
| Entrepreneurship and Risk | People can start and operate their own business |
| Wealth and Quality of Life | Consumers buy products to improve the quality of their life |
Created by:
MrMemer
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