1.1.1 Nature of Business

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Business

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14 Terms

1

Business

Decision-making organization that provides goods or services to satisfy a customers needs or wants (may or may not be for profit)

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2

Inputs

Resources used by a business in the production process

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3

Outputs

Final goods or services

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4

Goods

Physical products that are tangible

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5

Services

Intangible products

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6

Entrepreneur

Individual who plans, starts, organizes and runs a business by taking financial risks

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7

Added value

Selling price-cost of production

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8

Needs

Basic necessities required to survive

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9

Wants

A customer’s desires

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10

Capital goods

Physical products bought by businesses to produce more goods or services (eg. machinery)

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11

Human resources

Manages personnel of the organization

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12

Finance

Manages the organizations financial accounts and money

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13

Marketing

Identify and satisfy the needs and wants of the customers requiring market research, promotion, pricing, branding and distribution

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14

Operations

Process of converting raw materials into finished goods for sale

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