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IB BM SL COMBO Business Organization

Terms in this set (162)

Consumer Goods
The physical and tangible goods sold to the general public. They include cars and washing machines, which are referred to as durable consumer goods. Non-durable consumer goods include food, drinks and sweets that can only be used once.
Consumer Services
Non-tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys
Capital Goods
Physical goods that are used by an industry to aid in the production of other goods and services, such as machines and commercial vehicles
Factors of Production
Resources needed by businesses to produce goods or services (Land, Labor, Capital and Enterprise)
Land (as a factor of production)
Natural resources that can be found on the planet. This includes renewable and non-renewable natural resources such as water, wood, fish and physical land itself
Labor (as a factor of production)
The physical and mental human effort used in the production process
Capital (as a factor of production)
The finance needed to set up a business and pay for its continued operations and/or expansion. Also includes the man-made goods used in the production process (capital goods)
Enterprise (as a factor of production)
Risk taking individuals who combine the other factors of production into a unit that is capable of producing goods and services. It provides a managing, decision-making and coordinating role
Business Functions
Marketing, Finance, Human Resource Management and Operations Management
Marketing
The commercial processes involved in identifying needs and wants of the market and satisfying those demands profitably
Finance
The act of providing funds for business activities, making purchases or investing.
Human Resource Management
The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organisational objectives
Operations Management
The management of processes used to design, supply, produce, and deliver goods and services to customers
Primary Sector or Industry
The sector of industry that involves farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms
Secondary Sector or Industry
The sector of industry that involves manufacturing and processing products from natural resources, including hardware manufacturing, food processing, textile manufacturing and construction.
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