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Criado por nadinepisa
aproximadamente 10 anos atrás
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Questão | Responda |
Consumer Goods | Goods sold to the general public. -Durable goods: cars + washing machines - Non-durable goods: foods, etc. Goods that can only be used once |
Capital Goods | Goods that are used by an industry to aid in the production of other goods -Eg. machines + commercial vehicles |
Factors of Production | Resources needed by businesses to produce goods + services |
Land | Natural resources that can be found on the planet |
Labour | Physical + mental human effort used in the production process |
Entrepreneurs | People who manage/organize/plan the other 3 factors of production |
Business Functions/ Functional Areas | Used to refer to the different sections of a business. -Marketing, Finance, Human Resource Management, & Operations Management |
Marketing | Commercial process involved in creating+ designing, promoting & selling & distributing a product or service |
Finance | Management of money & credit & banking & investments |
Human Resources Management | Process of determining human resource needs & then recruiting, selecting, developing motivating, evaluating, compensating & scheduling employees to achieve organizational objectives |
Operations Management | Management processes used to design, supply, produce & deliver goods + services to customers |
Primary Sector | The business involved in the cultivation or extraction of natural resources - Eg. Farming, mining, quarrying, fishing oil exploration + forestry |
Secondary Sector | Where business activity is concerned with the construction & manufacturing of physical products -Automation & mechanization in modern societies has seen this sector decline in terms of employment |
Tertiary Sector | Where business activity is concerned with the provision of services to customers. - In modern societies, it is the largest sector in terms of employment & output |
Businesses | Organizations that are involved in the production of good and/or the provision of services |
Division of Labour | Specialization of workers in the provision of goods and/or services by breaking a job down into the particular role/components that are repeated by some workers |
Industrialization | Process experienced by a country that moves away from primary production towards manufacturing as its principal sector for national output & employment |
Opportunity Cost | Cost measured in terms of the next best alternative that is foregone when a choice is being made. |
Private Sector | Part of the economy under the control of private individuals & businesses rather than the government |
Public Sector | Part of the economy under the control of the government |
Structural Change | Shift in the relative share of national output + employment that is attributed to each business sector (primary, secondary, etc.) |
Value Added | Difference between a product's price & the total cost of the inputs that went into making it |
Public-Private Enterprises | W |
Sole Trader | Self-employed person that runs the business on their own + has sole responsibility for its success or failure(unlimited liability) |
Partnerships | Form of private sector business owned by 2-20 people(partners). They share the responsibilities + burdens of running + owning the business |
Limited Liability | Restriction on the amount of money that can be lost from the owners of a business if it goes into bankruptcy. Owners will lose no more than the amount of capital they put into the business |
Private Limited Company (Ltd.) | Organization owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public |
Public Limited Company (PLC) | Incorporated business organization that allows the general public to buy + sell shares in the company via stock exchange |
Non-governmental Organization (NGO) | Any private sector organization that doesn't aim to make a profit, but they operate for the benefit of others in society |
Non-Profit Organizatons (NPOs) | Organization that has aims other than making/distributing profit which is usually governed by a voluntary organization |
Silent/Sleeping Partner | An investor of a partnership who isn't directly involved in the daily running of the business |
Unlimited Liability | Owner is personally + fully responsible for all loses + debts of the business |
Mission Statement | Declaration of an organization's overall purpose. It forms the foundation for setting the objectives of a business |
Vision Statement | An organization's long-term aspirations -I.e. Where it ultimately wants to be |
S.M.A.R.T. Business Objectives | Means that well set objectives have to be: S pecific M easurable A chievable R ealistic T imed..... |
Strategic Objectives | Long-term objectives businesses use to achieve their overall aim |
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