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OPPORTUNITY SEEKING > WEEK 1 > Flashcards

WEEK 1 Flashcards

1
Q

purpose of making a profit

A

Business

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2
Q

tangible items

A

Goods

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3
Q

action or work performed for monetary compensation

A

Services

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4
Q

amount or revenue or income

A

Profits

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5
Q

revenue or income exceeds

A

Loss

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6
Q

relationship between the price a customer pays

A

Value

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7
Q

FACTORS OF PRODUCTION:
used to produce

A

Inputs

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8
Q

FACTORS OF PRODUCTION:
goods or services

A

Outputs

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9
Q

Factors of Production are also called _____.

A

Resources

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10
Q

any natural resources land, plants, livestock

A

Natural Resources

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11
Q

human capital or physical intellectual

A

Labor

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12
Q

used in production of goods and services
ex. equipment

A

Capital

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13
Q

ability to recognize a profit opportunity

A

Entrepreneurship

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14
Q

4 Types of Understanding Factors of Production

A
  1. Natural Resources
  2. Labor
  3. Capital
  4. Entrepreneurship
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15
Q

plans, organizes, control leads

A

Management

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16
Q

transform resources into products

A

Operations

17
Q

Identify and satisfy customer needs

A

Marketing/Sales

18
Q

plans, obtains, and manages company funds

A

Finance

19
Q

knowledge and ideas that help a company keep up and ahead of the competition.

A

Research and Development

20
Q

5 TYPES OF FUNCTIONAL AREA

A
  1. Management
  2. Operations
  3. Marketing/Sales
  4. Finance
  5. Research and Development
21
Q

Types of Management

A

Planning
Organizing
Controlling
Leading

22
Q

setting long-term and short-term goals

A

Planning

23
Q

organizing the operations

A

Organizing

24
Q

notice and take corrective action

A

Controlling

25
Q

lead work teams

A

Leading

26
Q

heart of a business

A

Operations

27
Q

responsible for overseeing the day to day

A

Operation Manager

28
Q

customer needs and design products

A

Marketing

29
Q

for planning, obtaining, and managing company funds

A

Finance

30
Q

short and long term financial capital needs

A

Finance Managers

31
Q

is a crucial part of the Finance functional area.

A

Accounting

32
Q

is the lifeblood of manufacturing businesses.

A

Research and Development

33
Q

individual or group that has a legitimate interest.

A

Stakeholder

34
Q

INTERNAL STAKEHOLDERS

A

Employees
Manager
Owners

35
Q

EXTERNAL STAKEHOLDERS

A

Suppliers
Society
Government
Creditors
Customers
Shareholders

36
Q

are groups of people who work directly within the business

A

Internal Stakeholders

37
Q

groups outside the business or people who do not work inside the business.

A

External Stakeholders

38
Q

INTERNAL BUSINESS DECISIONS (6)

A

Human Resources
Capital Resources
Operational Efficiency
Organizational Structure
Infrastructure
Innovation

39
Q

EXTERNAL BUSINESS DECISIONS (6)

A

Political Factor
Economic Factor
Sociological Factor
Legal Factor
Technological Factors
Environmental Factors

OPPORTUNITY SEEKING (9 decks)

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