Unit 1 - features of a business I |
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Information
A business is an organisation that produces a good or supplies a service. A good is a physical (or tangible) product, such as a car. A service is non-physical (or intangible), such as a taxi ride. A successful business is one that meets the wants and needs of it customers effectively.
A business is an organisation that produces a good or supplies a service. A good is a physical (or tangible) product, such as a car. A service is non-physical (or intangible), such as a taxi ride. A successful business is one that meets the wants and needs of it customers effectively.
Stretch & challenge: What 'liability' do business owners have for their businesses?
Key terms
Entrepreneur - the person who takes the risk to set up and run a business
Sole trader - when one person owns and runs the business with unlimited liability
Partner - when more than one person owns and runs a business with unlimited liability
Share holder - a person who owns a share in a business with limited liability
Entrepreneur - the person who takes the risk to set up and run a business
Sole trader - when one person owns and runs the business with unlimited liability
Partner - when more than one person owns and runs a business with unlimited liability
Share holder - a person who owns a share in a business with limited liability
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Plenary
Watch the video opposite and discuss your thoughts as a class |