Unit 1.01 Buisness

1.01 Vocab

Human Resource Input

the right quality and quantity of people required to make the product or provide the service

Physical Resource Input

the right quality and quantity of materials, machinery, and land space required to make the product or service

Financial Resource Input

the right quality and quantity of cash and other forms of money required to make the product or service

Enterprise Resource Planning

the least tangible input but crucuially important for business. It is the business idea and the determination to turn that idea into a functioning and, ideally, thriving business. Enterprise is sometimes referred to as "entrepreneurship", which is a term often associated with high-tech and cutting-edge businesses dealing with computers, smartphones, social media, etc.

Capital intensive production

Processes use a large proportion of land or machinery relative to other inputs, especially labour.

Labour intensive production

A process or industry that requires a large amount of labor to produce its goods or services.

Goods

tangible products that we can physically take home.

Services

these are intangible and the buyer does not physically take them home.

Primary Sector

the part of the economy that draws raw materials from the natural environment

Secondary Sector

the part of the economy that transforms raw materials into manufactured goods

Tertiary Sector

The portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people in exchange for payment.

Quaternary Sector

The part of the economy engaged in the production, processing, and transmission of information. Whereas some consider the quaternary sector a subset of the tertiary sector, others emphasize that quaternary activities are based on advanced knowledge and include IT, consultancy and R & D.

Business Idea

Fundamental activity that the business will do