Business terms Grade 5 - school project part 2

Front

What is a Business?

Back

Any type of activity we do in the goal/ or for making money, which can be small or big that's what we called a business.

Front

Mom and Pop Shop?

Back

small businesses that are run by family.

for eg- local grocery store

vehicle repair shop

Front

National Company?

Back

A company that operates it's business in the entire country. it has its customers like us people using some company's product across the country.

for eg - Rogers, Crown Corporations, Shopify

Front

What is a Industry?

Back

so an industry is where multiple companies come and sell similar service or product.
eg - retail(grocery) - Amazon, Walmart, Shoppers drug mart etc.

Front

Goods?

Back

So goods are things that basically we can see and touch physically, for like t shirt that we can wear.

eg - T shirt, Book, Mobile phone

Front

Services?

Back

something that we cannot touch physically; doing something for customers or other businesses.

eg - hair cut, car repairing, beauty treatments

Front

Trend?

Back

goods or services that get popular for some period of time is what we call a trend.

for eg - we might tell that the craze for apple product has been increase since last decade.

so a decade is 10 years so its a long period and the trend is still going.

Front

Fad?

Back

goods and services that becomes popular for a small period of time and their craze dies and the customers forget about the product.

for eg - slime, fidget spinner

Front

Need?

Back

something that you need to survive, and without that you actually find's difficulty in survival.

for eg house

electricity

water

car

smartphones

Front

Want?

Back

The extra things: that you wont need for survival. it might be your desire to have those extra things.

for eg - I phone products

tesla cars

Big mansion