Business Functions
This function recruits, hires, and trains employees.
Human Resources
Businesses create value by providing these two things.
Goods and services
This occurs because resources are limited but wants are unlimited.
Scarcity
This function attracts customers and promotes products or services.
Marketing
A business can operate to make a profit or operate as this type of organization
Non-Profit
This is the next best option you give up when making a choice.
Opportunity Cost
This function manages production, shipping, logistics, and quality.
Operations
These six areas work together to help a business successfully operate.
Business Functions
Choosing between different alternatives is called this.
Trade Off
Apple collects customer purchasing data before deciding which products to develop. This function is most involved.
Information Management
A company decides where it wants to be five years from now and creates goals to get there. This business function is leading the decision.
Strategy
Demand for a popular shoe increases while supply stays the same. This will most likely happen to the price.
It increases
A company must decide whether to open a new factory. One department studies the cost, expected revenue, and available money. This function is most involved.
Finance/Accounting
Nike wants to launch a new shoe. HR hires workers, Marketing promotes it, Finance sets the budget, and Operations produces it. This demonstrates this major idea about businesses.
Business Functions Work Together
Prices are rising across the entire U.S. economy rather than at just one company. Name both the economic issue and the type of economics studying it.
Inflation and Macroeconomics