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Business > Unit 1.1 What is a Business? > Flashcards

Unit 1.1 What is a Business? Flashcards

1
Q

Definition of a business

A

An organization that trades goods or services in a market

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2
Q

What is a Good? Give an example

A

A good is a tangible product. Examples would be a water bottle, a computer, an earring.

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3
Q

What is a Service? Give an example

A

A service is an activity done by one person to another person. Examples would be babysitting, teaching, tutoring, a haircut.

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4
Q

Examples of both a service and a good together

A

Resturant (service+food), Construction (Service+remodel of the house), Amazon (Product+delivery)

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5
Q

What is operations management?

A

Designing and controlling the production of goods and services

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5
Q

What are the 4 functional areas of a business

A
  1. Operations Management
  2. Marketing
  3. Finance
  4. Human Ressources
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6
Q

What is marketing?

A

Campaigns, ads, selling the product whilst attracting the target audience

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7
Q

What is finance?

A

The people who control the money income, budgeting, outcome, allocation of funds, approving loans.

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8
Q

What is human ressources?

A

Salary of employees, healthcare, wellbeing, hiring employees, interviews, training, contracts, employee benefits.

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9
Q

What is revenue?

A

The money that a business will receive for their goods and services.

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10
Q

What is costs of production?

A

The money spent in the process or creating the goods and services.

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11
Q

Name the 4 Ps that Good uses

A
  1. Product
  2. Price
  3. Place
  4. Promotion
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11
Q

Name the 7 Ps

A
  1. Product
  2. Price
  3. Place
  4. Promotion
  5. People
  6. Processes
  7. Physical
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12
Q

Name the 3 Ps that Services uses

A
  1. People
  2. Processes
  3. Physical
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13
Q

What are the 4 Business Sectors?

A
  1. Primary
  2. Secondary
  3. Tertiary
  4. Quaternary
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14
Q

What is a primary business sector? Give an example.

A

Extraction of natural ressources. For example mining, fishing, hunting, agriculture

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15
Q

What is a secondary business sector? Give an example.

A

Manufacturing processes. For example construction, textile industry, food industry

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16
Q

What is a tertiary business sector? Give an example.

A

Selling services or skills. For example healthcare, real estate, collection of garbage

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17
Q

What is a quaternary business sector? Give an example.

A

Providing information. For example data scientists, consultancy, university classes

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18
Q

What is industrilization?

A

When an economy moves from the primary to secondary sector

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19
Q

What is deindustrilization?

A

When an economy moves from the secondary to tertiary sector

20
Q

What is an entrepreneur?

A

Someone who takes the financial risk of starting and managing a new venture. These people have an idea, invested capital and savings, and accepted the responsibility

21
Q

What are the 4 factors of production?

A
  1. Land
  2. Labour
  3. Capitol
  4. Entrepreneurship
22
Q

What is an enterprise?

A

An enterprise is an organization that takes risks to produce goods or services in pursuit of profit.

23
Q

Defintion of land factor. Give an example.

A

All natural ressources anything above, near, or under the land. Example: Oil, minerals, forests

24
Q

Definition of labour factor. Give an example.

A

Physical and mental efforts that people contribute to production of goods and services. Examples: Teacher, construciton worker, taxi driver

25
Q

Definiton of capitol factor. Give an example.

A

Man made factor used to produce goods and services. Example: Machinery, tools, buildings, aiports

26
Q

Definition of entrepreneurship factor. Give an example.

A

A skill of a person to innovate new ways of doing things, take risks, and seek new opperutnities

27
Q

What is a consumer good?

A

For final use by the customer. Example: Car, food, furniture

28
Q

What is a capitol good?

A

Man made asset used to produce consumer goods or other capitol goods. Example: Machinery, Factories, Delivery trucks

29
Q

What is human capitol?

A

Economic value of a worker’s skills, knowledge, experience

30
Q

What is natural captiol?

A

Natural ressources such as geology, air, water, soil

31
Q

What is financial capitol?

A

Funds or assets that indviduals use to finance their activities

32
Q

Name 4 common challenges for starting a business?

A
  1. Poor location
  2. Marketing problems
  3. Legalties
  4. High production costs
33
Q

What is GET CASH?

A

Potential oppertunities for starting a business

34
Q

What is the G

A

Growth - Rewards of an entrepreneur who own their own business

35
Q

What is the E

A

Earnings- People who have their own companies can make way more because they get a large chunk of the money

36
Q

What is the T

A

Transfer and Inheritance - Business owners pass down their business to their children so that they are financially stable

37
Q

What is the C

A

Challenge - Some people enjoy the challenge and the thrill of taking risks

38
Q

What is the A

A

Autonomy - There is freedom and flexibility of being self employed

39
Q

What is S

A

Security - More job security as you usually earn more (financial security for retirement)

40
Q

What is H

A

Hobbies - Some people enjoy making their own business as it directly links to their personal intrests

41
Q

What is a consumer

A

The end user of a product or a service but may not have purchase it

42
Q

What is a customer

A

Always purchased the product or service but may not have been the end user

Business (3 decks)

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