Role of business and business functions review

The basic necessities a person must have to survive.

• Wants

• Needs

• Happiness

• Friends

The resources used in the production process are collectively known as

• Raw materials

• Factors of production

• Working capital

• Human resources

This business function (department) is responsible for the process of converting raw materials and components into finished goods.

• Research and development

• Marketing

• Operations

• Human resources

These product is tangible or has physical appearance.

• Service

• Good

(a)   can be people or organisation that buy a product.

(a)   refers to people’s desires or things people would like to have.

These goods are bought by a business or other businesses to produce other goods or services.

• Capital goods

• Consumer goods

• Durable goods

• Perishable goods

A type of consumer good that can last long or it can be used repeatedly.

• Non-durable

• Durable

This business function manages “people” relations within the company. (a)  

(a)   is a business function that satisfies the needs and wants of consumers through exchange.