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11 Cards in this Set
- Front
- Back
- 3rd side (hint)
What is a business? |
A business is any organisation that uses resources to meet the needs of customers by providing a product or service that they demand. |
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What is the role of businesses? |
Businesses identify the needs of consumers or other firms |
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In what type can be classify the goods and services? |
consumer goods, consumer services and capital goods |
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consumer goods |
the physical and tangible goods sold to the general public. They divide into a two groups : Durable consumer goods and non- durable consumer goods |
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consumer services: |
non-tangible products that are sold to the general public |
hotel accommodation, insurance services |
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capital goods: |
physical goods that are used by industry to aid in the production of other goods and services |
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What are business ‘inputs’? |
These are the human, physical and !nancial resources needed by business to produce goods or services |
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four main inputs: |
Land Labour Capital Enterprise |
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Business need: |
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Business functions: |
Human resource management Finance and accounts Marketing Operations management |
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Operations management: |
Responsibility for ensuring adequate resources are available for production, maintaining production and quality levels and achieving high levels of productive efficiency. |
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