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Unit 1 - BM

TermDefinition
What are the 4 main inputs of a business Capital, Land, Labor, and Enterprise
What are the 4 main functions of a business Human Resources, Finance, Marketing, and Operations
What are the 4 economic sectors Primary (resources), Secondary (manufacturing), Tertiary (services), Quaternary (intellectual)
What is the difference between entrepreneur and intrapreneur Entrepreneur starts a new business, Intrapreneur innovates within an existing company.
What are some reasons for starting a business Profit, Fame, Helping others, Family, Legacy
Another term for a business Enterprise – a group of people that tackles an objective, usually profit
Capital The money a business needs to operate
Investment Putting money into things like equipment or buildings
Land The physical space a business uses
Labor The human effort needed to run a business
Human resources The department that manages employees
Finance and accounts Deals with a company's money and financial records
Marketing Promotes and sells a company's products/services
Operations/logistics Oversees the production of goods or delivery of services
Primary sector Involves harvesting natural resources
Secondary sector Manufactures raw materials into finished goods
Tertiary sector Provides services like retail, healthcare, or banking
Quaternary sector Involves intellectual activities like research or IT
Industrialization When a country focuses more on manufacturing
Market gap An opportunity in the market that is not being served by existing businesses.
Outputs The goods or services produced by a business.
Business plan A document outlining the goals, strategies, and financial projections of a business.
What is a business An organization that provides goods and services.
Created by: Jai_lipane
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