Business Concepts Flashcard

Front

What is the process called when a good or service is worth more than the cost of resources used to produce it?

Back

Adding value

Front

Who are the individuals or organizations that actually use a product?

Back

Consumers

Front

Who are the individuals that take risks in overseeing a business venture, usually in pursuit of profit?

Back

Entrepreneurs

Front

What is the term for the knowledge, skills, and experiences of individuals who manage the overall production process?

Back

Entrepreneurship

Front

What is the collective term for resources used in the production process, such as land, labor, capital, and entrepreneurship?

Back

Factors of production

Front

Which function of an organization is responsible for ensuring sufficient funds for daily operations?

Back

Finance and accounts

Front

What are physical products like cars, clothes, and toys referred to as?

Back

Goods

Front

Which business function handles all aspects related to the workforce within an organization?

Back

Human resources (HR)

Front

What are the tangible products that businesses offer to consumers?

Back

Goods

Front

What is the primary responsibility of finance and accounts in a business?

Back

Ensuring sufficient funds