Business Management Overview

These flashcards cover essential vocabulary and concepts related to business management, including definitions of needs, wants, the role of entrepreneurs, and the importance of human and capital resources.

Need

A basic requirement for survival, such as food, water, and shelter.

Want

A desire for something that is not essential for survival.

Role of Entrepreneurs

The responsibilities of entrepreneurs include establishing a business, managing resources, and maximizing customer satisfaction.

Human Resources

The physical and mental effort of people that contribute to the production process.

Capital Resources

Monetary and investment resources used to fund business operations and acquisitions.

Strategic Management

The process by which an organization aligns its resources and actions to achieve its mission and goals through informed decision making.

Reputation

The overall perception of a business by the public, affected by past actions and interactions.

Income

The money received by a business from sales, used to ensure growth and sustainability.

Operational Resources

The various tools, materials, and assets required to keep a business functioning.

Maximum Output

The highest level of production or service that a business can achieve with its given resources.