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human resources
Manages the personnel of the organization
finance and accounts
Manages the organization’s money
marketing
Responsible for identifying and meeting the needs and wants of customers
operations management
Responsible for the process of converting raw materials and components into finished goods
primary sector
Businesses in this sector are involved in the extraction, harvesting and conversion of natural resources
secondary sector
Businesses in this sector are involved in the manufacturing or construction of products
tertiary sector
Businesses in this sector specialize in providing services to the general population
quaternary sector
Businesses in this sector are involved in intellectual, knowledge-based activities that generate and share information
chain of production
links all the production sectors by tracking the stages of an item’s production from the extraction of raw materials all the way through to it being delivered the consumer
extraction is from what sector
primary sector
manufacturing is from what sector
secondary sector
services is from what sector
tertiary/quaternary sector
consumer
uses goods/services
customer
buys goods/services
entreprenuer
an individual who plans, organizes and manages a business, taking on financial risks in doing so
growth
appreciation in the value of the assets of the business
transference and inheritance
entrepreneurs pass on their businesses to the next generation of children to secure the future of the younger generation
autonomy
independence/freedom of choice and flexibility in how a business is run by the self-employed
GETCASH
growth, earnings, transference, challenge, autonomy, security, hobbies
Note 
Flashcard (95)