Chapter 1

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Domanda Risposta
Business
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organisation that produces goods or services
Organisation
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group that has formed for a particular purpose
Goods
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physical products
Services
physical products
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non
Output
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the amount of goods or work produced
Human resources
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the department that deals with the employing, training and helping people
Consumer goods
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goods and services sold to ordinary people rather than businesses
Producer goods
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goods or services produced by one business for another
Needs
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basic requirements for human survival
Wants
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people’s desire for goods and services
Tool
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a piece of equipment that is useful for doing your job
Premises
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buildings and land used by a business
Infinite
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limitless
Finite
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limited
Scarce
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resources with limited ability
Private sector
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businesses owned by individuals or groups of individuals
Public sector
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businesses owned by central or local governments
Stakeholder
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individual o group interested in the operations of a business
Entrepreneur
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person who takes risks and sets up businesses; individual who risks their own money on business ventures and organises other factors of production
Dispute
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serious disagreement or argument
Motivate
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encourage someone to do something
Machinery
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equipment with moving parts that uses power, such as electricity, to do a particular job
EBITDA
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earning before interest, tax, depreciation and amortisation
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