Unit 1.1 What is Business

The process of producing a particular good or service that is worth more than the cost of the resources used to produce it.

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

The individuals or organizations that actually use a product.

The individuals who take risks in overseeing a business organization or business venture, usually in pursuit of profit.

The collective term for the resources used in the production process, i.e. land, labour, capital and entrepreneurship

Function of an organization responsible for ensuring that the business has sufficient funds in order to conduct its daily operations.

The physical (tangible) products, such as cars, clothes, flowers, food, furniture, smartphones, and toys.

The business function that handles all aspects relate to the workforce, involving all aspects of a firm's operations related to staff (personnel) within an organization.

Intangible products, such as haircuts, tourism, public transport, banking, insurance education, and healthcare.

Business activity involved with the manufacturing or construction of finished products.