Unit 1.1 - What is a business? Flashcards
what is a business?
an organization involved in the process of using inputs to produce goods or services
give an example of a business
a government. (they’re organizations involved in the process of using inputs to produce goods or services
what are the 4 factors of production?
- functions that allow production to take place
- produce an output (good or service)
- output is consumed by customers
- will be affected by external factors (competitors)
what are the 4 inputs for the factors of production?
land, labor, capital, enterprise
what’s the difference between a good and a service?
a good is tangible, a service is not
what are 3 examples of a single-use item?
a chocolate bar, a banana, a ziploc bag
what are 3 examples of a durable use item?
a chair, a couch, clothing
what is a function(department)?
a group of people who are doing the same type of job
what happens in operations?
they produce the goods and services to sell to customers
what happens in marketing?
they identify the needs and wants of customers and then promote it to the product to the public
what happens in finance?
they manage the money
what happens in human resources? (HR)
they manage the people within the business
what are the 4 sectors of a business?
the primary, secondary, tertiary, and quaternary sectors
what does the primary sector do?
extract raw materials
what does the secondary sector do?
turn the raw materials into products
