Nature of Business
What are the two different kinds of products a business can create/sell.
goods and services.
What is Customer Relations?
Activities relating to the customers that are involved with the business.
What is production?
The economic process of producing goods and services.
Name some examples of economic factors that affect business.
Interest rates, inflation, unemployment levels, and disposable income.
what are the two different trade industries (Businesses that buy and sell goods to others)?
Retailers-buys customer goods and sells them to ultimate consumers, and Wholesalers- Sell goods between producers.
Describe accounting
Accounting is the process of keeping and interpreting finance records as it effects business.
Describe the idea of mass production
Mass production is the manufacture of large amounts of standardized products
Heath and well-being of employees is an example of what business factor?
Ethical Factors
What is a social responsibility?
The duty of a business to help with the wellness of society.
What are operations?
The day to day activities that help a business with productivity.
Who first used the assembly line to increase productivity?
Henry Ford.
What factors are influenced why the political/government stability?
Socio-Political factors
what are the four different kinds of a social responsibilities?
Economic, legal, Ethical, and Philanthropic responsibility.
What is globalization?
The rapid flow of capital, labor, and ideas across national borders
Name three ways to increase productivity.
Specialization, Increased capital investments, Mass production, and research and development.
What is the term used to describe the customer's desire for a product.
Customer demands.
Raw-good producers-Provides their goods in a natural form, Manufacturers-Changes forms of product so their will be more useful to customers, and Builders-type of producer that builds products (roads, bridges, or houses).
What is the formula to measure productivity
Number of products produced/Number of steps involved in producing them. Or Dollar value of total sales/costs of making those sales.
Name three ways production may be reduced.
Lack of tools, poor planning, lack of communication, lack of working knowledge and education, and unclear goals.
technological, governmental, economic, cultural, and demographics are all examples are what kind of factor.
External factors.