1.1 What is a business? Flashcards
Capital is a type of (input, process output)
Input
Land and Labour are examples of (input, processes, outputs)
Inputs
The four departments of a business fall under (inputs, processes, outputs)
Processes
Goods and Services fall under (inputs, procesess, outputs)
Outputs
What department manages the workforce?
Human Resources
Which department handles appraisals and dismissals?
Human Resources
Which department manages the organisation’s money?
Finance
Which department handles the compliance with legal requirements?
Finance
Which department generally deals with the customer?
Marketing
Which department advertises and promotes the business?
Marketing
Which department is responsible for actually making the product?
Operations Management
Which department provides the services?
Operations Management
What sector extracts raw materials?
Primary Sector
What role does the primary sector serve?
Raw Material Extraction
Fishing, farming and construction are examples of what two sectors?
Primary and Secondary
What sector handles manufacturing?
Secondary
What purpose does the secondary sector serve?
Manufacturing
What sector handles services?
Tertiary Sector
What is the difference between goods and services?
They are in two different sectors
Healthcare and Farming are examples of what two sectors?
Primary and Tertiary
What purpose does the tertiary sector serve?
Services
What part of the economy is handled by the quarternary sector?
Knowledge
Quarternary sector is a ___ of the tertiary sector.
Sub-part
ICT and Textiles are examples of what two sectors?
Quarternary and Secondary
What is the first process in the chain of production?
Extraction
What is the final process in the chain of production?
Consuming
What is the second process in the chain of production?
Manufacturing
What is the third process in the chain of production?
Providing Services
What acronym is commonly used to show why businesses exist?
GET CASH
What does G stand for in the context of business opportunities?
Growth
What does E stand for in the context of business opportunities?
Earnings
What does T stand for in the context of business opportunities?
Transference and Inheritance
What does C stand for in the context of business opportunities?
Challenge
What does A stand for in the context of business opportunities?
Autonomy
What does S stand for in the context of business opportunities?
Security
What does H stand for in the context of business opportunities?
Hobbies
What resources do businesses combine to create goods and services?
Land, Labour, Capital, Enterprise
Examples of Goods
Producer and Consumer Goods
Examples of Services
Tangible and Intangible Services
