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15 Cards in this Set

  • Front
  • Back
inputs
The resources needed to produce goods and services

1. raw materials
2. labour
3. money
4. owners/directors
outputs
goods and services
constraints
restrictions on what a business can do:
1. competition (from other firms)
2. Environment
3. Legislation (i.e. health and safety laws.
4. The economy (i.e. - a recession or a boom period)
Functions of a business
1.Finance
2. Production
3. Marketing
4. Human Resources
Finance
makes sure company collects money owed to it, that company pays its bills, sets budgets
Production
Produces the goods:
1. efficiently using up-to-date methods
2. cuts waste
3. keeps up quality
Marketing
1. market research -finds out what customers want
2. adding value
3. informing customers
4. creating desire
Human Resource Management
1. wellbeing of employees
2. hiring
3. training & motivating
4. letting employees go
5. making sure business in line with laws protecting workers
Adding value
what a business adds to a product to convince customers to pay more than the cost of inputs
1. manufacturing
2. image
types of product
1. consumer non-durable goods
2. consumer durable goods
3. industrial goods
4. services
consumer non-durable goods
a product that can only be used once - i.e. food, drink, petrol
consumer durable goods
a product that can be used more than once - i.e. cars, furniture
industrial goods
products bought by businesses, used to produce goods - machines, equipment etc.
services
all purchases that do not involve something you can touch - holidays, banking, insurance,
Some are provided by the government - policing, defence etc.
Other useful purposes (functions) of business
1. employs pople
2. source of revenue (money) for:
owners of business
the government (taxes)
3. helps the balance of payments - sells to other countries bringing money into the UK