Business and factors of production

Question 1

What is a business

Answer 1

A business is any activity that
provides goods and services in
an effort to earn profit

Question 2

What is an industry

Answer 2

The manufacturing or technically productive enterprise in a particular field, country or region.
- categorized using the NAICS

Question 3

What are some of the functional areas of a business?

Answer 3

• Marketing
  -Human resource
• Operation/ Production
• Accounting/ finance

Question 4

Marketing is

Answer 4

• Designing, delivering, and promoting goods and services for a target market
• Managing long-term customer relationships
• The 4 P’s: Product, Place, Price and Promotion

Question 5

Human resource is

Answer 5

• Recruiting talent, promoting career development, and boosting organizational effectiveness
• Recruiting, selecting, training, evaluation,
  compensation, separation

Question 6

Operation/ Production

Answer 6

• Choosing effective and efficient methods to produce
  and distribute products
• Supply chain management
• Quality control

Question 7

Accounting/Finance

Answer 7

• Recording, analyzing and communicating financial
  information
• Acquiring and using funds to maximize company
  value

Question 8

What are the resources necessary to production of goods and services?

Answer 8

• Natural resources
• Capital
• Labour
• Entrepreneurship

Question 9

Natural resources are?

Answer 9

Land and non-renewable resources
that come from the land (water,
wind, minerals, fish)

Question 10

Capital is

Answer 10

Man-made resources (machines,
tools, buildings, technology)

Question 11

Labour is

Answer 11

Physical, intellectual and creative
contributions of people (human
resources)

Question 12

Entrepreneurship is

Answer 12

Financial risk-takers who capture
business opportunities