INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+ GRADED. Buy Quality Materials!

INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
AND ASWERS A+ GRADED. Buy Quality Materials!

Production
The function of business involving any activity related to making a product.
Finance
The function of business involving money.
Marketing
The function of business involving all activities that identify, anticipate, and satisfy
customer demand while making a profit.
Management
The function that involves the process of controlling and making decisions about a
business.
Profit
The difference between the income earned and expenses incurred by a business during
a specific period of time.
Employment
An economic benefit generated by a business that allows people to be employed by a
business in exchange for wages.
Standard of Living
An economic benefit generated by business that involves the level of material comfort
measured by goods and services.
Form Utility
A business changes the form of a good or service to make it more useful. (A type of
Utility)
Place Utility
Products are available at convenient places. (A type of Utility)
Time Utility
Products are made available at the times that customers need and want them. (A type
of Utility)