Apelele

Is the complex system that involves transforming resources into products and services.

• Human Resource

• Production

• Business world

• Profit

Business organizations are managed by people.

Is the concept that is closely related to social responsibility

• Business ethics

• Consumerism

• Employment equity

• Social responsibility

Also known as the production of factors of labour, include the physical and mental talents and skills of people employed to create products and services.

• Capital

• Natural resources

• Business world

• Human Resource

Define as private need-satisfying institutions of market economy that accept risks in pursuit of profit by offering products and services on the market to the consumer.

• Government organization

• Business organizations

• Consumers

• Market economy

Is attached to the right of individuals to possess properly such as land, building, equipment and vehicles

Differentiate between formal sector and informal sector

Give me 2 advantages and 2 disadvantages of market economy

Includes an examination of the management process as whole

• Operations function

• Financial function

• Function of General management

Is responsible for the acquisition of all products and materials required by the business to function profitably.