1
Q
Define a need
A
Something that is required within survival. These are life essentials such as water food and shelter. Needs are limited
2
Q
Define a want
A
Things that people would like to have but can survive without. Wants are unlimited. Like holidays
Business
flashcards
Decks in class (49)
# Cards
-
Goods/services 1.110
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Needs/wants2
-
Factors of Production9
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Opportunity cost2
-
Business Sector4
-
Entrepreneurs 12
-
Ownership types18
-
Business objectives2
-
Stake holders and shareholders18
-
Business planning4
-
Location9
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nature of business4
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Costs4
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Revenue and profit3
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Internal growth and external growth3
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economies and diseconomies of scale3
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customer v consumer3
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the entrepreneur4
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business functions7
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changes in a business environment4
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shares4
-
business locations6
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Business planning10
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key terms26
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objectives4
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IMPORTANT EQUATIONS2
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2.1 Technology4
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Ethics and environment 2.28
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the economic climate of business 2.310
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Globalisation 2.412
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legislation 2.510
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competitive environment 2.65
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3.1 production process13
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3.2 - the role of procurement14
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The concept of quality 3.39
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3.4 Good customer service7
-
Recruitment 3.512
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4.1 Organised Structures20
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4.2 Recruitment30
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4.3 Motivating employees19
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4.4 training11
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5.1 Identifying + understanding customers5
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5.2 Segmentation10
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5.3 The purpose + methods of market research17
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5.4 Elements of the marketing mix7
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6.1 Sources of finance8
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6.2 Cash flow12
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6.3 Financial terms + calculations25
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6.4 Financial statements53
