Key concepts

Question 1

Business Activity

Answer 1

Adds value to inputs (production of land, labour, capital, enterprise) and turns them to outputs (services that people want)

Question 2

Input

Answer 2

Function or production

Question 3

Output

Answer 3

Goods/Services/Waste

Question 4

Factors of production

Answer 4

Combination of human, physical, and financial resources

Question 5

Business functions

Answer 5

Human resources, production, marketing, finance

Question 6

Operation

Answer 6

Organise the transformation process that turns inputs into outputs

Question 7

Finance and operations

Answer 7

Manages the financial resources of the business and reports on their position

Question 8

Marketing

Answer 8

Responsible for understanding the needs and wants of customers

Question 9

Human Resources

Answer 9

Responsible for all aspects of managing the people who work in the business

Question 10

Corporate Social Responsibility

Answer 10

As well as a priority of maximising profit, a business has legal and moral responsibilities- allowing businesses to adopt ethical code. This applies to businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities, and the environment