Chapter 1. What is business activity?

What is meant by a business?

non-physical products

• output

• service

• HR

• goods

goods and services produced by one business to another

• Needs

• Business goods

• Producer goods

• company products

example of a producer good

• Tractor

• Newspaper

• Package holiday

• Meal at a restaurant

What is a want?

• Basic requirements for human survival

• peoples desires for goods and services

A business organisation owned by individuals or a group of indiviuals

• Social sector

• Private sector

• Public sector

Who is a stakeholder ?

Which of the following is a business stakeholder ?

• Police officer

• Tax collector

• Local community

• Lawyer

who is an entrepreneur ?

• Owner

• Supplier

• Financer

• Employee