(Definitions) 1.1 - Intro to Business

• Business (Definition)

  A decision-making organization involved in the process of using inputs to produce goods/products/services
• Goods (Definition)

  Physical products
• Product (Definition)

  Refers to both goods and services
• Services (Definition)

  Intangible products
• Entrepreneur

  The individual who plans, organizes and manages a business and its operations, taking on financial risks
• Added Value

  The practice of producing a good or service that is worth more than the materials used in the production process
• Needs (Definition)

  The basic necessities that people must have to survive
• Wants (Definition)

  People's desires
• Consumers

  The people or organizations that actually use a product
• Customers

  The people or organizations that buy the product
• The 4 Area of a Business

  Marketing

  HR

  Finance

  Operations Management
• Primary Sectors Businesses

  Involved with the extraction, harvesting and conversion of natural resources
• Secondary Sector Businesses

  Involved in manufacturing of construction
• Tertiary Sector Business

  Specializes in providing services to the general population and other organizations
• Quaternary Sector (Business)

  Involved in intellectual and knowledge-based activities that generate and share information