681997
Description
Flashcards by jonslinnea, updated more than 1 year ago
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Created by jonslinnea
about 10 years ago
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| Question | Answer |
| any organization that uses resources to meet the needs of customers by providing a product or service that they demand | a business |
| adding a value to resources such as raw material and semi-finished goods | business activity |
| physical and tangible goods sold to the general public | consumer goods |
| non-tangible products that are sold to the general public | consumer services |
| physical goods that are used by industry to aid in the production of other goods and services | capital goods |
| where the consumers must not only want the output, but must also be willing to pay for it | commercial business |
| revenues generated exceeds the cost | profit |
| operations management, marketing, finance and human resources management | Business functions |
| land, labour, capital and enterprise | factors of production |
| industries that extract natural resources so that they can be used and processed by other firms | primary sector business activity |
| firms that manufacture and process products from natural resources | secondary sector business activity |
| firms that provide services to consumers and other businesses | tertiary sector business activity |
| a business in which one person provides the permanent finance and has full control of the business | sole trader |
| a business formed by two or more people to carry on a business together, with shared capital investment and shared responsibilities | partnership |
| a small to medium-sized business that is owned by shareholders who are often members of the same family | private limited company |
| a limited company often a large business, with the legal rights to issue shares to the general public | public limited company (plc) |
| a business uses the name, logo and trading system of an existing successful business | franchise |
| a legally constituted body with no participation or representation of any government | non-governmental organisation |
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