Business studies assessment YR 10 half term

1.1,1.2,1.3,1.4

Goods

Physical/tangible products such as clothing, food, and electronics.

services

non-physical/intangible items such as haircuts, education, and healthcare.

needs

essential items for us to survive and function, like food, shelter, and clothing.

wants

items that are not essential for survival but enhance our quality of life, such as luxury goods and entertainment.

sole trader

a single individual who owns a business and has unlimited liability

partnership

2 or more individuals that own and share a business and have unlimited liability