What is a business? (AQA GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is the formal definition of a business?
What is the formal definition of a business?
An org. producing goods/services to clients
What are goods?
What are goods?
Physical, tangible items you can touch
What is a key characteristic of services?
What is a key characteristic of services?
They cannot be stored or held
What are needs?
What are needs?
Essential goods/services for survival
What is opportunity cost?
What is opportunity cost?
Value of best alternative given up
Why do profit-making businesses exist?
Why do profit-making businesses exist?
Selling prices exceed costs for profit
What is a gap in the market?
What is a gap in the market?
An unmet need or want not satisfied
What do primary sector businesses do?
What do primary sector businesses do?
Extract/harvest raw materials
What do secondary sector businesses do?
What do secondary sector businesses do?
Transform raw materials into products
Which sector do hairdressing salons belong to?
Which sector do hairdressing salons belong to?
Tertiary sector
What does land as a factor of production include?
What does land as a factor of production include?
Physical space and natural resources
What does enterprise as a factor of production represent?
What does enterprise as a factor of production represent?
Entrepreneurs who identify opportunities