EC-907
What is a product?
Anything that can be bought or sold
What are operations ?
Activities involved in making products
What's a business risk?
The possibility of loss or gain inherent in conducting business.
A hurricane that destroys a business is a...
Hazard
Wants that are shared by many people
Public want
What is a need and what is a want?
A need is something that is essential for survival, and a want is an item we desire, but can live without
What is an operation process?
A set of methods used to create products
Name 3 business risk
Increase prices, having little quantity of workers, Spending lots of money in a small amount of time.
Name an example of a pure business risk
Robbery
Do DVD's involve offering services
What are goods
Tangible items that are made and sold to consumers
Service operations
Activities producing intangible and tangible products
Income?
The money received after a products sells
Can an increase in interest rate be covered by insurance
No
The rewards for satisfying a consumer
Profit
3 economic resources
Land, Capital, and Labor
Good operations
Activities producing tangible products
Profit motive?
The desire to make a profit which moves people to invest
A union strike that stops a productions at a company warehouse is a...
Risk
When developing a product or service a business must NOT..
Create a NEED for the product/service
What are business ethics?
This is in regards to the moral and social responsibility a business has and uses in their decisions.
Name 3 tangible goods
Radios, Bussess, and books
Money left over after the cost-of-goods expense is subtracted from the overall income.
The general classification of business risk are...
Hazard, operational, strategic, and financial
Why might a company stop manufacturing a product
There's a decrease in demand