Studied by 1 person
Business
Decision-making organization that provides goods or services to satisfy a customers needs or wants (may or may not be for profit)
Inputs
Resources used by a business in the production process
Outputs
Final goods or services
Goods
Physical products that are tangible
Services
Intangible products
Entrepreneur
Individual who plans, starts, organizes and runs a business by taking financial risks
Added value
Selling price-cost of production
Needs
Basic necessities required to survive
Wants
A customer’s desires
Capital goods
Physical products bought by businesses to produce more goods or services (eg. machinery)
Human resources
Manages personnel of the organization
Finance
Manages the organizations financial accounts and money
Marketing
Identify and satisfy the needs and wants of the customers requiring market research, promotion, pricing, branding and distribution
Operations
Process of converting raw materials into finished goods for sale
Note
Flashcard