Introduction to business management

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Factors of production

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Tags and Description

- unit 1.1 / 1.2 / 1.3 / 1.4 / 1.5 excl. external growth

37 Terms

1

Factors of production

land, labor, capital, enterprise

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2

business functions

human resources, finances and accounts, operation management, marketing

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3

business sectors

primary, secondary, tertiary, quaternary

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4

primary sector

extraction of natural resources

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5

secondary sector

construction and manufacturing

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6

tertiary

services

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7

private sector

firms owned by individuals

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8

public sector

firms owned by the government

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9

sole trader

for profit business owned by one individual with unlimited liability

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10

partnership

for profit business owned by 2-20 people who are all have unlimited liability

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11

corporation

for profit organisation owned by shareholders who have limited liability

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12

privately held

owner decides who to sell stocks to

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13

publicly held

anyone in general public can buy shares through the stock exchange

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14

non-profit organization

purpose of benefiting society/environment, charity

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15

vision statement

the future of the company, philosophy

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16

mission statement

underlying purpose of how the company currently is

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17

business strategy

long term plan for growth

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18

business tactic

short term plan for survival

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19

stakeholders

any individual/group that has interest in the activities or success of a business

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20

economies of scale

increasing scale of operations to become more efficient

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21

diseconomies of scale

when increasing operations makes the business more inefficient

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22

internal EOS

technical, financial, managerial, marketing, commercial, risk-bearing

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23

external EOS

technological progress, improved transportation and communication, skilled labor, regional specialisation

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24

internal DisEOS

lack control, poor work relationships, boredom

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25

external DisEOS

increasing market rent, traffic congestion, higher wages

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26

advantages of small firm

focus control, government aid, local monopoly power, personalised services, flexibility, less competition

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27

advantages of large firms

brand recognition, more locations, survival, higher status, barriers for competition entry

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28

nature of business

organisation in the process of input to produce goods/services that people need or want

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29

quaternary sector

application of knowledge through service

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30

entrepreneur

a person who sets up a business taking on financial risks in the hope of profit

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31

intrepreneur

an entrepreneur hired outside of the company

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32

challenges for setting up a business

lack in funding, no demand for product, poor marketing, trying to break even

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33

opportunities for setting up a business

growth, earnings, inheritance, challenge, autonomy, security, hobby (GET CASH)

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34

corporate social responsability

labor relations, environment, supplier relations, community

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35

internal stakeholders

managers, employees, etc

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36

external stakeholders

suppliers, distributors, rivals, government, etc

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37
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