The purpose and nature of business activity 0.0 / 5 ? Business StudiesBusiness activity - unit 1GCSECIE Created by: RosieGingerCreated on: 14-04-16 12:46 What are the basic essential human needs? Food, drink, clothing, and shelter. 1 of 8 Why are businesses usually set up? To satisfy the wants and needs of customers. 2 of 8 What is the act of preparing a good or service for sale called? Production. 3 of 8 What do businesses provide with the aim of satisfying our wants and needs? Physical goods (manufacturing) or services. 4 of 8 What is adding value? Turning inputs into more valuable outputs. 5 of 8 What is one aim of a business to do with adding value? To provide products and services to customers that are more attractive than those of their competitors. 6 of 8 How can you turn a raw material such as oranges into a more valuable output? Making orange juice! 7 of 8 What does scarcity mean in terms of a business? Resources are scarce so businesses need to make smart choices to get the most out of their resources. 8 of 8
UNIT 1 - Business in the real world - Unit 1.1 - The purpose and nature of business 4.5 / 5 based on 3 ratings
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