business Flashcards
What is a business?
A business is a decision-making organization involved in the process of using inputs to produce goods or provide services.
What are goods?
Physical products.
What are services?
Intangible products.
Define needs in a business context.
Basic necessities humans need.
Define wants in a business context.
People’s desires.
What is Human Resource Management?
Responsible for managing the personnel of an organization.
What does Finance and Accounts manage?
Responsible for managing the organization’s money.
What is the role of Marketing in a business?
Responsible for identifying and satisfying the needs and wants of the customer.
What is Operations Management?
Responsible for the process of converting raw materials and components into finished goods.
What characterizes the Primary Sector?
Involved with the extraction, harvesting, and conversion of natural resources.
What is the focus of the Secondary Sector?
Involved with manufacturing or construction.
What does the Tertiary Sector involve?
Providing services to the general population and other organizations.
What is the Quaternary Sector?
A subcategory of the tertiary sector involved in intellectual and knowledge-based activities that generate and share information.
Who is an Entrepreneur?
An individual who plans, organizes, and manages a business, taking on financial risks.
What is Entrepreneurship?
The trait of business leaders who tend to be distinctive in their temperament, attitude, and outlook.
What is a challenge of starting a business?
Unestablished customer base.
What is an opportunity for starting a business?
Growth.
Fill in the blank: The payment for land is _______.
rent
Fill in the blank: The payment for labor is _______.
wage/salary
Fill in the blank: The payment for capital is _______.
interest
What is the payment for an entrepreneur?
Profit.
List three traits of an entrepreneur.
- Self-confidence
- Self-determination
- Judgment
What is the difference between an entrepreneur and an intrapreneur?
An intrapreneur is an employee while an entrepreneur is his own boss.
True or False: An entrepreneur is responsible for managing the personnel of an organization.
False.
