Business Organization and Environment — Flashcards

Fill-in-the-blank flashcards covering key concepts from the video lecture notes on business organization and environment.

A business is any __ that uses resources to meet the needs of customers by providing a product or service that they demand.

organisation

The four basic business inputs are __, __, __, and __.

Land, Labour, Capital, and Enterprise

A basic business input that includes natural resources is __.

Land

The human effort used in production is known as __.

Labour

The wealth used to produce more wealth, including money and machinery, is called __.

Capital

An __ is someone who takes the financial risk of starting and managing a new venture.

Entrepreneur

An __ is someone who does not risk their own capital and the consequences of failure are accepted by the organization that they work for.

Intrapreneur

The four main business functions are __, Finance and Accounts, Marketing, and Operations Management.

Human Resource Management

__ asks whether consumers will be prepared to buy this car and at what price.

Marketing

__ provides the capital needed to develop and produce a product.

Finance

__ may require recruiting additional engineers before a project can be market-ready.

HR management

__ ensures production is possible at a cost that allows a profitable price.

Operations management

Economic sectors are Primary, Secondary, and __.

Tertiary

The Primary Sector includes firms engaged in farming, fishing, oil extraction and all other industries that __ natural resources.

extract

The Secondary Sector manufactures and processes products from natural resources.

Secondary

The Tertiary Sector provides services to consumers and other businesses.

Tertiary

One reason for starting a business is the desire for __.

independence

Entrepreneurs have __ some of their own savings and capital.

invested

Entrepreneurs have accepted the responsibility of __ the business.

managing

Entrepreneurs have accepted the possible risks of __.

failure

One of the personal qualities of entrepreneurs is __.

Innovative

A personal quality of entrepreneurs is __ and self-motivation.

Commitment

Entrepreneurs are often __.

Multi-skilled

A key skill for entrepreneurs is __.

Leadership

A strong sense of __ helps entrepreneurs take risks.

Belief in oneself

Autocratic

Keeps all decision making at center of organization. eg. Trump, Elon Musk

Paternalistic

Fatherly style, dominant males, power used to control + protect loyal and obedient employees/subordinates.

Customer goods

Physical and tangible products sold to the general public. Durable or non-durable. Ex. clothing, electronics, food.

Consumer services

Non-tangible services provided to consumers, including entertainment, hospitality, and repair services.

Capital Goods

Used in the industry to aid the production in other goods and services.

Public Sector

Organizations accounted to and controlled by central or local government (state)