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Criado por Chanel Cutelli
mais de 9 anos atrás
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Questão | Responda |
Define Business | A business can be defined as the organised effort of individuals to produce and seek, for a profit, the products (goods and services to satisfy individuals' needs and wants) |
Goods | Are items that can be seen or touched. |
Services | Are things done for you by others. |
Profit | This is the return, or reward that the business owner receive for producing products that consumers need and want. GROSS PROFIT = REVENUE - COST OF GOODS SOLD NET PROFIT = GROSS PROFIT - EXPENSES |
Employment | Businesses provide about 80% of all private sector jobs. The SME sector is a major source of employment. |
Income | An employees income is the amount of money received for providing their labour. WAGE: hourly rate, paid on weekly basis SALARY: fixed amount per year, paid fortnightly/monthly. |
Choice | Customers can choose between competing products which drives the modern economy. |
innovation | Is a new idea that relates to a product, a service, or a way of doing something. |
Entrepreneurship | Is concerned with the risks associated with marketing new ideas for products. |
Wealth creation | Occurs when people invest in business to grow the value of their wealth over time. |
Quality of life | Desire for a better quality of life by making products and providing services to suit our lifestyle e.g. environmentally friendly products such as technology - Apple |
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