A
Something that you can live without e.g. phone.
What is a want?
Something that you cannot live without e.g. food and water
What is a need?
Something that you can see, touch and pick up.
What is a good?
Something that is done for you.
What is a service?
Someone who comes up with the business idea and develops it.
What is an entrepreneur?
Shareholders
Who owns a private limited company?
Checking the product at various stages of the production process.
Quality Assurance
Someone who has an interest in the business being successful.
What are stakeholders?
Charging a price higher than competitors
What is high price?
Board of Directors
Who controls a private limited company?
Private, public and third
What are the sectors of economy?
Organisation in third sector which has a main social/environmental aim
What is a social enterprise?
Primary, secondary and tertiary
What are the sectors of industry?
The method of production which relies heavily on machinery.
What is flow production?
Elected MPs
Who controls the pubic sector?
Political, Economic, Social, Technological, Environmental and Competitive
What are the external factors?
Finance, human resources and current technology
What are the internal factors which can impact a business?
Introduction, growth, maturity and decline.
What are the stages of the product life-cycle?
Land, Labour, Capital and Enterprise
What are the factors of production?
Product, Price, Place and Promotion
What are the elements of the marketing mix?