Chapter 3

Question 1

What is an input?

Answer 1

Resources, Factors of Production (Labor, Raw Material, Capital, Plant, Machines)

Question 2

What is an output?

Answer 2

Product

Question 3

What is management?

Answer 3

How businesses direct and organize workflow, operations and employees to meet company goals / Process (Sequence of activity) (Planning, Leading, Organizing, Controlling)

Question 4

What impact does business growth have on the internal factors?

Answer 4

Employees moral, Salary agreement, Organization culture, Better infrastructure, Better labor

Question 5

What are the external factors that are impact during a business growth

Answer 5

Economy (Tax, Job opportunities), Quality improvement, Legal, Environmental

Question 6

What are the skills of management?

Answer 6

Leadership, Communication, Strategic planning & financial management

Question 7

What are the benefits of having prior experience?

Answer 7

Helps recognize business opportunities, spot market niches, build network of social contacts

Question 8

State the business life cycle (start to finish)

Answer 8

Introduction, Growth, Maturity, Decline

Question 9

State the S.W.O.T analysis.

Answer 9

Strength, Weakness, Opportunities, Threats

Question 10

Name the two types of business platforms.

Answer 10

Physical (Brick & Mortar) and Online