Business Activity

Any activity which

provides us with goods

and services.

• The identification and

satisfaction of unending

consumer wants

Things that we can use again and

again (e.g. televisions).

Durable Goods

Cycle Of Business

Bics Glossary

•Outputs-goods and services produced by businesses

•Partnership- a business that is owned and run by two or more people , with unlimited liability.

•Primary businesses- businesses that are involved in exploiting natural resources e.g. oil.

Limited LiabilityThe owner or owners will lose only

the money they invested in the business if it fails.

FranchiseAn arrangement where one or more firms operates under the name of another e.g. Benetton

Voluntary Sector

Businesses which are set up and run for the benefit of a good cause.

Public Corporations.Public Corporations.

Government funded service Government funded service providers.providers.

Local Funded ProvidersLocal Funded Providers

Organisations that have been set Organisations that have been set up to provide specific services e.g. up to provide specific services e.g. BBCBBC

Services that are Services that are provided directly by the provided directly by the national government national government e.g. NHSe.g. NHS

Services that are provided by local Services that are provided by local authorities e.g. educationauthorities e.g. education

Objectives of business

The aims which the business attempts to achieve.

Entrepreneur

A risk-taker who is willing to organise the resources needed to produce goods or services to the public in the hope of achieving the business objectives.

Stakeholders

Those who have influence over the business and are affected by its success or failure.

GOODS- THE WE CAN SEE AND TOUCH (E.G CARS)

OUTPUTS- GOODS AND SERVICES PRODUCED BY BUSINESS.

PRIVATE SECTOR- BUSINESSES THAT ARE PRIVATLEY OWNED.