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11 Cards in this Set

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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.

What is the role of businesses?

Businesses identify the needs of consumers or other firms

In what type can be classify the goods and services?

consumer goods, consumer services and capital goods

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

consumer services:

non-tangible products that are sold to the general public

hotel accommodation, insurance services

capital goods:

physical goods that are used by industry to aid in the production of other goods and services

What are business ‘inputs’?

These are the human, physical and !nancial resources needed by business to produce goods or services

four main inputs:

Land


Labour


Capital


Enterprise

Business need:

Business functions:

Human resource management


Finance and accounts


Marketing


Operations management

Operations management:

Responsibility for ensuring adequate resources are available for production, maintaining production and quality levels and achieving high levels of productive efficiency.