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Level 1

What is Business?


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Business
The organisation of resources to achieve a reward
Entrepreneur
An individual with an idea for a business
Social Enterprise
An activity that achieves a reward for Society
Gap in the Market
Where there is demand but no product to fill it
Market Mapping
A way a Business can find Gaps in the Market
Market Observation
Seeing what the customer wants
Demand
The amount of product/service the customer is willing to pay for
Goods
Those things that can be touched
Profit
Income - Costs
Services
Those things done to or for a customer