Hello everyone! I have created this blog so that I can use it for my own revision! I felt that it was a creative way in which I can remember the things needed for my exams in May. I have never done business before this point in my education so it’s all relatively new to me.
On this post I will be discussing the key words I learnt at the start of the school year in September! (If anyone has any suggestions as to how I can improve this, please feel free to leave a comment.)
When a sole trader/partnership make money while doing something they enjoy (.e.g. – A sports shop).
This is the same as a business only it involves more risks.
This is something you can buy to use (e.g. – Food).
This is something that is provided (e.g. – Hair Dressers).
Needs and Wants
A need is something vital for survival; for example food, water and shelter.
A want is something you desire to have; for example a mobile phone, a car and video games.
A stakeholder is any individual, or group of individuals, that is affected by the actions of an organisation.