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BUSINESS STUDIES (What a Business Needs: (Labour (Permanent, Skilled,…
BUSINESS STUDIES
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NEEDS & WANTS
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Want: A desire which might not be needed, wants are insatiable
Consumer
Consumer Goods: tangible goods sold to the general public such as food, jewellery, washing machinery
Consumer Services: Non tangible products sold to the general public such as; hospital, hotels, insurance
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SMART- Specific, Measurable, achievable, relevant and realistic, time bound
Added Value: The difference between the cost of purchasing bought in materials and price the finished goods are sold for
Capital Goods: The physical goods used to aid in the industry to produce other goods such as the machinery, and delivery cars
How does one create value: Increasing the difference between the costs of the sold goods and the cost of purchasing bought-in materials
Social Enterprise: A business that mainly social objectives, whose profits are used to benefit the society rather than to the owners
Sole trader: A business in which one person provides the primary finances and has full control of the business, including getting all the profit
Partnership: a business owned by two or more people who share the profit, capital investment and responsibility
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