A
Something that you do not need in order to survive e.g. iPad
What is a want?
Something that you can see, touch and pick-up e.g. pen
What is a good?
A good which can only be used once e.g. chocolate bar
What is a non-durable good?
Something which is done for you e.g. getting a haircut
What is a service?
Something that you need in order to survive e.g. food
What is a need?
Someone who comes up with the business idea and develops it e.g. Steve Jobs
What is an entrepreneur?
A source of advice who can provide you with legal advice
What is a lawyer?
A business owned by one person
What is a soletrader?
Taking out more than you have in your bank account
What is a bank overdraft?
A business owned by 2-20 partners
What is a partnership?
The department responsible for all staffing issues
What is Human Resources?
The sector of industry where the business provides a service
What is tertiary sector?
What is Finance?
The sector of industry where products are produced
What is secondary sector?
The sector of economy which provides a service to the public e.g. NHS
What is public sector?
The source of finance used to pay for property/land
What is a mortgage?
Borrowing money from the bank and repaying it overtime with interest
What is a bank loan?
The name given to products coming into the UK
What are imports?
The source of finance which does not need to be paid back but usually comes with strict conditions
What is a grant?
Where family/friends let you borrow money to start up your business
What is a loan from family/friends?
The sector of economy which has the main aim of making a profit
What is private sector?
Where the owners or partners can lose their personal possessions if the business gets into financial difficulty
What is unlimited liability?
Where farmers are provided a fair wage for their products
What is fairtrade?
An organisation which has a main social/environmental aim
What is a social enterprise?
The sector of economy which aims to help others - also known as non-profit making organisations
What is the third sector?