1.1.1 the dynamic nature of business

• obsolete


  when a product is no longer produced because it is out of date or has been replaced
• why do new business ideas come about?

  • changes in technology
  • changes in what customers think they want
  • products/services becoming obsolete
• businesses operate in dynamic markets, meaning they have to cope with an ever-changing environment.
• payment platforms


  enable businesses to take online payment. usually free for the consume, but take a small amount of commission from the seller
• marketplace


  the activities involved in buying and selling goods/services, in competition with other companies