Chapter 1 Concepts Flashcards
1
Q
Who are the main participants of business?
A
Owners, Employees, and Customers.
2
Q
What are the functional areas of businesses?
A
- Management
- Operations
- Marketing
- Accounting
- Finance
3
Q
What are the external forces that influence business activities?
A
- Economy
- Consumer Trends
- Government
- Corporate Citizenship
4
Q
Define economics
A
The study of the production, distribution, and consumption of goods and services.
5
Q
What are the factors of production businesses use to produce goods and services?
A
- Land and other natural resources
- Labor (Physical & Mental)
- Capital, including buildings and equiptment
- Entrepreneurship
