Buisness revision Flashcards
Buisness
An organization involved in industrial and commercial activities. Example Could be Mcdonalds
Input
The resources used in production of product/service. An example in mcdonald’s context could be the meat, buns, cheese e.t.c
Output
The product/service that was made with the input. An example in mcdonald’s scenerio would be there burgers, nuggets, icecreams e.t.c
Process
The steps taken while creating the output. an example in mcdonalds scenerio would be frying the onions and cooking the patty
Capital
The capital equipment used. An example in mcdonalds scenerio would be the ovens, ice cream machines e.t.c
Enterprise
Another word for buisness/company
Customers
Indivisuals who purchase the service/product from a company. An example in mcdonalds scenerio would be the burgers and ice creams.
Suppliers
These are the people who provide the inputs to a company. An example could be Keystone for mcdoanlds chicken and meat
Labour
The human effort which is put into the company in exchange for a salary. An example could be a janitor or chef in mcdonalds
Goods
The product that is offered to the consumers
Services
Actions provided for money in exchange such as a massage parlour or pest control
Unlimited liability
A company with one owner responsible for all the debts loans and payments with no shareholders. An example could be a sole trader
Limited liability
A company where a percentage of the company is owned by share holders which can help pay for expenses and production.
Continuty
A company which functions through multiple owners. An example could be a family owned restraunt passed to generation to generation
Entrepenuer
An indivisual who starts and runs a buisness using his creativity. they are resoposible taking on financial risks in hopes of profit and sucess
