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Key concepts In Business - Coggle Diagram
Key concepts In Business
Services
Services are products that you cannot hold or touch (intangible) such as public transport, a haircut or a visit to the cinema.
Needs
A needs is Essential Materials you need to survive.
EX: water, food, shelter, clothing, warmth.
Goods
Goods are products that you can see and touch (tangible) such as laptops, clothes or food.
Factors of Production
Labour
The workforce used to produce a product or provide a service such as builders, teachers or plumbers
Capital
The man-made resources used to produce a product or provide a service such as machinery, tools, money or delivery trucks
Land
The natural resources used to provide a good or service such as water, a plot of land, fields, fish or coal
Enterprise
The idea the owner had to create the business. How the land, labour and capital is used to make a good or provide a service
Wants
Wants are things we would like to have but don’t need to survive. These include luxuries such as mobile phones or holidays.
What is a Business
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A business is an individual or organization that makes goods or provides services. Examples of businesses include supermarkets and hairdressers
Specialization
In order to increase efficiency, specialization is a method of production whereby an organization concentrates on producing a small range of items. For instance, many nations specialize in providing local products and services that are traded for products and services from other regions of the world.