CSEC Terms used in Business

Is an organization that provides goods and or services with the aim of making a profit.

 

• Business

• Concept

• Economy

• Trade

Profit is the funds which remain when revenue earned is more than expenses

• True

• False

The buying and selling of goods and services is called

• Sales

• Trade

• Business

• E-Commerce

An entrepreneur is an individual who identifies the opportunity and takes the risk to start a business.

• True

• False

Makes or creates goods and services

Uses goods and services to satisfy wants

A pedicure is an example of a service

• False

• True

A market is where one thing is given for another.

• True

• False

How many factors of production are there?

• 1

• 2

• 3

• 4

Any resource use to start a business is called?

• Land

• Capital

• Labour

• Goods