1.1 - intro to bus man

Question 1

define business

Answer 1

an organization that provides goods and services, satisfying the needs and wants of consumers in a profitable or non profitable way.

Question 2

describe the nature of a business - how does it work?

Answer 2

the nature of a business is to turn inputs to processes and ultimately outputs.
inputs:
land
labor
capital
entrepreneurship
processes:
manufacturing g/s
provision of services
(cap or labour intensive)
outputs:
tangible (goods)
intangible (services)
B2B
or
B2C

Question 3

what are the four economic sectors

Answer 3

primary
secondary
tertiary
quaternary

Question 4

define economic sector

Answer 4

all businesses in the economy that are involved in similar business activities, or in a similar activity.

Question 5

what is the primary sector

Answer 5

extraction of raw materials

Question 6

secondary sector

Answer 6

transformation of raw materials into goods and services - manufacturing
deindustrialization - when production lvls decrease.

Question 7

tertiary sector

Answer 7

provision of services - education/retail/banking services.

Question 8

quaternary sector

Answer 8

communicating knowledge - data, IT, video games/app development - online/e-commerce

Question 9

what are the challenges of starting a business

Answer 9

no money
lack of organizational skills
no employees
limited expertise
competition

Question 10

what are the opportunities of starting a business

Answer 10

money
responsibility
control
interest
innovation
fill in a market niche
awareness of an issue/cause