1.1-1.2 Business Knowledge Flashcard

Front

What is one of the primary aims of businesses?

Back

To satisfy the needs and wants of individuals and other organizations by providing services or manufacturing products.

Front

How can a business be best defined?

Back

A decision-making organization established to produce goods and/or provide services.

Front

In the context of production factors, what does 'capital' refer to?

Back

Any non-natural or manufactured resource used in the production process.

Front

Which department of a business is responsible for ensuring that the business has sufficient funds to conduct its daily operations?

Back

Finance Department.

Front

What resources do businesses need to combine in order to create goods and services?

Back

Human, financial, physical, and entrepreneurial resources.

Front

What is the primary focus of the marketing function in a business?

Back

Advertising the goods and services of the organization.

Front

Which sector of the economy involves the extraction of raw materials, farming, fishing, forestry, and mining?

Back

Primary sector.

Front

Adding value (in business)

Back

Creating a product that is worth more than the total costs of the inputs used.

Front

What type of businesses are included in the tertiary sector of the economy?

Back

Businesses that provide services to individual customers and other businesses.

Front

What is the primary responsibility of the marketing department in a business?

Back

Identifying and meeting the needs and wants of customers, usually for a profit.