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13 Cards in this Set
- Front
- Back
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B2B |
Business to business Sell goods/services to other businesses. |
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B2C |
Business to consumer Sells goods/services to the general public |
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Goods |
Physical products e.g. cars or clothes |
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Services |
Intangible items e.g. a haircut or decorating |
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Primary sector |
Extraction of raw materials |
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Secondary sector |
Transforming raw materials into finished goods |
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Tertiary |
Providing services/goods to the public or other businesses |
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Mission statement |
The businesses overall aim for the business |
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Aims/objectives |
Short term goals to help achieve the overall mission statement |
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Profit |
Total revenue - total costs |
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Why is profit important? |
• measure of success • more like for banks to lend money • to expand the business |
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Total costs |
Fixed costs + variable costs |
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Revenue |
Price per unit x number of units sold |
