Unit 1, 1.1 Intro. to BM

A business has _________ stages

• three

• several

• four

A business is ___________________

• organization using resources to create products and services meeting needs of competitors

• organization using resources to create products and services meeting needs of company

• organization using resources to create products and services meeting needs of customers

Business activity

• using scarce resources efficiently

• using resources person-to-person

• using scarce resources efficiently to produce goods and services while increasing standard of living

What is the role of business?

INPUTS are

• resources put towards generating products and services

• resources purchases for generating products and services

• 1. and 2.

OUTPUT is nothing but

• Goods and services produced to meet customer needs

• Goods and services produced to meet individual needs

The base line of most business organizations is to:

• Meet consumer needs

• Make profit

• Meet consumer needs while making profit

Business activity exists - produce goods and services + consumers

• False

• True

Consumer goods are

• tangible

• intangible

Consumer goods are divided into

• renewable and non renewable

• durable and non-durable