3B

• Inputs


  are the resources that go into producing a good or services
• what are the types of resources (inputs)?

  • Labour resources - human resources, i.e employees skills and effort
  • Natural resources - resources from the land, such as raw materials
  • Capital resources - facilities, buildings, machinery, equipment, and component parts
  • entrepreneurial ideas
  • time
• Processes

  are the actions performed by a business to transform inputs into output
• examples of processes


  • melting
  • mixing
  • Blending
  • pouring
  • setting
  • checking
  • packaging
• Outputs


  are the final product presented to the customer, either as goods (tangible) or services (intangible).
• What does tangible mean?

  An output that can be physically touched.
• What does intangible mean?

  An output that can’t be physically touched but is experienced by the consumer.