Topic 1 AQA GCSE Business

A physical product is a

• Service

• Need

• Want

• Good

A product that you cannot touch is a

• Good

• Service

• Want

• Need

The person who buys the product is the

• Owner

• Supplier

• Employee

• Customer

A person who is willing to take risk in starting a new business

• Customer

• Shareholder

• Enterprise

• Entrepreneur

A business that is set up to help the community rather than to make profit

• PLC

• LTD

• Not-for-Profit

• Sole Trader

Match the following

• Secondary Sector

• A business that provides a service to the public

• Primary Sector

• A business that manufactures goods

• Tertiary Sector

• A business that extracts raw materials

How fast prices are rising across the country

• Imports

• Exports

• Inflation

• Customer

Revenue = ​ (a)   X ​​ (b)  

• Selling price
• Quantity Sold
• Profits
• Cost of Sales
• Variable Costs

(a)   means that their personal belongings are at risk if the business goes bankrupt and fails.

2-20 people set up in a business together

• Sole Trader

• Partnership

• Private Limited Company

• Public Limited Company