business standard assesment 1

Entrepreneur

An individual who takes calculated financial risks to start and run a business.

Goods

Physical, tangible items that are produced and consumed, such as clothes or food.

Services

Non-physical activities or tasks provided that cannot be touched, such as hairdressing, plumbing, or banking.

Main purposes of a business

Producing goods, supplying services, and fulfilling business opportunities.

Opportunity cost

The sacrifice made or the next best alternative given up when making a purchase or business decision.

Opportunity cost

The sacrifice made or the next best alternative given up when making a purchase or business decision.

Primary sector

The stage of production involving the extraction of natural resources and raw materials, such as fishing, mining, and oil extraction.

Secondary sector

The stage of production involving manufacturing and construction to turn raw materials into finished items, such as making tinned soup.

Tertiary sector

The business sector focused on providing commercial services to consumers and businesses, such as retail, transport, and cafés.