Business Unit 1 Flash Cards

Consumer Goods

Capital Goods

Factors of Production

Land

Labour

Entrepreneurs

Business Functions/ Functional Areas

Marketing

Finance

Human Resources Management

Operations Management

Primary Sector

Secondary Sector

Tertiary Sector

Businesses

Division of Labour

Industrialization

Opportunity Cost

Private Sector

Public Sector

Structural Change

Value Added

Public-Private Enterprises

Sole Trader

Partnerships

Limited Liability

Private Limited Company (Ltd.)

Public Limited Company (PLC)

Non-governmental Organization (NGO)

Non-Profit Organizatons (NPOs)

Silent/Sleeping Partner

Unlimited Liability

Mission Statement

Vision Statement

S.M.A.R.T. Business Objectives

Strategic Objectives