INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
AND ASWERS A+ GRADED. Buy Quality Materials!
Wants
Things that you do not have to have to survive but would like to have.
Needs
Things you must have to survive.
Goods
Physical products
Services
Tasks that businesses perform for consumers
Resources
Items that people can use to make or obtain what they need or want
Business
Any commercial activity that seeks a profit by providing goods and services to others in
exchange for money
Profit
Money left over after a business has paid the costs of providing its goods and services
Competition
The contest between businesses to win customers
Consumer
A person who uses goods or services
Goals
Set by a business to make thoughtful decisions
Scarcity
A limited number of resources that force choices.
US economy
driven by wants and needs
Functions of business
Operations, Marketing, Management, Human Resources, Finance & Accounting
Operations
Ensures appropriate processes are used in order to make the product or service and
that the product or service is of the desired quality.
Management
Coordinates the efforts of all functions of business.
Marketing
The process of planning, pricing, promoting, selling, and distributing ideas, goods, and
services.
Human Resources
Ensures that appropriate people are employed to make the product or service and that
the people are suitably rewarded for doing so.
Finance & Accounting
Ensures that appropriate funds are available to make the product or service.
Supply
AND ASWERS A+ GRADED. Buy Quality Materials!
Wants
Things that you do not have to have to survive but would like to have.
Needs
Things you must have to survive.
Goods
Physical products
Services
Tasks that businesses perform for consumers
Resources
Items that people can use to make or obtain what they need or want
Business
Any commercial activity that seeks a profit by providing goods and services to others in
exchange for money
Profit
Money left over after a business has paid the costs of providing its goods and services
Competition
The contest between businesses to win customers
Consumer
A person who uses goods or services
Goals
Set by a business to make thoughtful decisions
Scarcity
A limited number of resources that force choices.
US economy
driven by wants and needs
Functions of business
Operations, Marketing, Management, Human Resources, Finance & Accounting
Operations
Ensures appropriate processes are used in order to make the product or service and
that the product or service is of the desired quality.
Management
Coordinates the efforts of all functions of business.
Marketing
The process of planning, pricing, promoting, selling, and distributing ideas, goods, and
services.
Human Resources
Ensures that appropriate people are employed to make the product or service and that
the people are suitably rewarded for doing so.
Finance & Accounting
Ensures that appropriate funds are available to make the product or service.
Supply
