term1 Definition1term2 Definition2term3 Definition3
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Business
A decision-making organization involved in the process of using inputs to produce goods and or provide services.
Inputs
The resources that a business uses in the production process
EX: Labour and raw materials
Product
Can refer to both goods and services
Goods
Physical products
EX: cars, computers, books, and food
Services
Intangible products
EX: Haircuts, bus rides, education, and healthcare
Needs
The basic necessities that a person must have to survive
Wants
Peoples desires
Main Functions of a Business
~Human Resources
~Finance and accounts
~Marketing
Human resources
This department is responsible for managing the personnel of the organization. Likely to deal with: workforce planning, recruitment, training, appraisal, dismissals
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