Unit 1.1 - What is a business

Businesses exist to satisfy the needs and wants of their customers by selling goods and services, usually in return for profit.

• True

• False

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

• Wholesale

• Business

• Goverment

• National

The individuals or organizations that actually use a product.

• Manufacturers

• Producers

• Wholesaler

• Consumer

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

• Managers

• Consumers

• Entrepreneurs

• Stockholder

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

• Needs

• Goods

• Factor of production

• Natural resources

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

• Finance and accounts

• Services

• Marketing

• Production

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

• Services

• Goods

• Customer

• Consumer

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.

• Customers

• Human Resources

• IT

• Marketing

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

• services

• products

• tangible

• perishable

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

• Primary sector

• Quaternary sector

• Tertiary sector

• 
  Secondary sector