Topic 1 Role of bussiness Flashcards
prelim bussiness exam
1
Q
what is a bussiness
A
an organisation that attempts to satisfy the needs and wants of the community by providing goods/services
2
Q
what is a good
A
tangible items that we use.
3
Q
what is a service
A
are intangible and are things that people do for us
4
Q
what does the value adding chain look like
A
inputs—>transformation—>outputs
5
Q
What happens in the input phase
A
raw materials are gathered
6
Q
What happens in the transformation phase
A
raw materials are put together
7
Q
what happens in the output phase
A
product is created and distributed to the consumer
