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GCSE Business · key term
A physical, tangible product, such as a bicycle or a T-shirt.
Used by AQA, Edexcel and OCR
Paper 1, Paper 2
A tangible, physical product supplied to a customer, such as a vehicle or a loaf of bread.
Revise: Purpose and Foundations of Business ActivityA business combines resources to provide goods or services that meet customers’ needs and wants. Its activity might involve making a product, carrying out a task for a customer or getting products from producers to buyers.
Specification 1.1.3, 2.3.1 · Paper 1, Paper 2
A physical product, such as a bicycle, computer or pen.
Revise: Role of Business EnterpriseA business enterprise provides goods or services to meet customer needs. Goods are physical products, such as bicycles, computers and pens. Services are non-physical activities or benefits, such as hairdressing, train journeys and music streaming.
A physical product, such as a bicycle or a T-shirt.
Paper 1
Revise: Purpose of Business ActivityBusiness activity involves producing and providing goods or services that meet customers’ needs and wants. Goods are physical products, such as bicycles and T-shirts. Services are activities provided for someone, such as hairdressing or tourism.
Classify a business by its activity: extracting resources, making products or providing services. A retailer belongs to the tertiary sector even though it sells physical goods.
Apply your explanation to the business in the question: identify whose needs it meets and how its goods or services meet them.
Do not assume that all business activity aims to maximise profit: charities, not-for-profit organisations and public sector organisations also provide goods or services.
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