Fundamentals of Business Management and Resource Utilization Quiz

Business = Decision-making organization involved in the process of using inputs to produce goods or provide services Inputs = Resources such as labour, raw materials, components, machinery & equipment used in the production process Processes = Actions that turn inputs into manufactured goods or the provision of services Outputs = Products (goods & services) generated from the process

Needs = Basic necessities such as food, water, warmth, shelter, clothing Wants = Desires such as cake, a new phone, a vacation, a toy Customer = People or organizations who buy a product Consumer = The ones who actually use the product

Inputs = Resources such as labour, raw materials, components, machinery & equipment used in the production process Processes = Actions that turn inputs into manufactured goods or the provision of services Outputs = Products (goods & services) generated from the process Consumer = The ones who actually use the product

<p>Needs = Basic necessities such as food, water, warmth, shelter, clothing Wants = Desires such as cake, a new phone, a vacation, a toy Business = Decision-making organization involved in the process of using inputs to produce goods or provide services Customer = People or organizations who buy a product</p> Signup and view all the answers

<p>Inputs = Resources such as labour, raw materials, components, machinery &amp; equipment used in the production process Outputs = Products (goods &amp; services) generated from the process Consumer = The ones who actually use the product Business = Decision-making organization involved in the process of using inputs to produce goods or provide services</p> Signup and view all the answers