1.1 Introduction to Business management Flashcards
1
Q
Define a ‘business’
A
A business is a decision-making organization involved in the process of using inputs to produce outputs
2
Q
Define ‘input’
A
the resources that a business uses in the production process
3
Q
Define ‘output’
A
products
4
Q
Define ‘goods’
A
Tangible products
5
Q
Define ‘services’
A
Intangible products
6
Q
Define ‘enterpreneur’
A
individual who plans, organizes and manages a business and its operations, taking on financial risks in doing so
7
Q
Enterpreneurship
A
refers to the collective knowledge, skills and experiences of entreprenuers
8
Q
A
