NEEDS AND WANTS
Things that are essential for life
What is definition of need?
Looking at 'needs and wants' of consumers and deciding which product or service the company can best provide.
What is business activity?
Sole trader, Partnership, LTD, PLC, Franchise, Public Cooperation, and Joint Venture
What are the seven types of business?
The long term vision or goal of something.
What is definition of aim?
Water, Fire, Shelter, Clothes and Food
What are the 5 basic needs?
Sector, industry, size and value
What can we group businesses by?
7-eleven, McDonald’s and KFC
What are some examples of franchise business?
Short term targets to help achieve a long term goal.
What is definition of objective?
Things that make life more comfortable.
What is definition of wants?
Refining, manufacturing and construction.
What businesses are included in secondary sector?
A business that shares are publicly traded and are usually held by a large number of shareholders.
What is public cooperation business?
Specific, Measurable, Attainable (Achievable), Realistic and Time-bound
What does SMART stands for?
Apartment, Meet and Shoes
What are some examples of wants?
Land, workers (labor), leader (entrepreneurs) and money (capital)
What are the four factors of production?
The founder can get all (or most) of the incomes.
What can be an advantage of sole trader?
I want to be able to do 2 consecrate pull-ups by the end of the year by practicing pull-ups at the gym three times per week.
What can be an example of smart goal?
Clean water able to drink, clothes that can keep you warm and food to make energy out of
What are some (detailed) examples of needs?
It is about something you need to give up because of limited amount of money or resources .
What is scarcity and opportunity cost about?
There can be sharing profit problem and one person’s mistake can badly effect other person/people.
What are some disadvantages of partnership?
It can help us to always try to keep improving, and always try to be better.
What can be a reason for having goals/aims?