Business and Management Unit 1.1

Factors of production

Involves extraction or production of raw materials

''Is the loss of my current job worth the chance of success, satisfaction and independence?''

Involves selling the product at a right price, time and to right customers and advertising.

People needed to run the business

Any business that sales a service is part of the:

Goods are..

Construction, manufacturing and processing are _____ of businesses

Lack of funds and skills, strong competitors and difficulty of administration are

Funds needed to set up and invest in a business to keep it running stable:

When a creative individual is encouraged to take risks and innovate inside a large corporation.

Goods and Services are _____ of businesses

This function makes sure there is enough funds in the business

Manufacturing and processing raw materials to make products for sale.

This business sector focuses on knowledge and specific services:

Services are..

Raw materials and goods a business may buy to begin production on their own:

Financial rewards, challenge, finding a gap, sharing ideas, interest, need and independence are

Plans how goods and services are produced and makes sure they meet the customers expectations.

Economic Sectors in Business

Wants are...

Financial, physical and human resources are _____ of businesses

Needs are...

Main business functions

Individual who creates and builds a business from the bottom and makes it grow by taking risks:

Function that makes sure the to employ correct and skilled employees to deliver the product