Fill in the blank: โThe role of businesses is to combine human, physical and financial resources to create goods and services in order to satisfy the.........and.........of people, organizations and governments.โ
needs and wants
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15
Describe the four business sectors of the economy?
1. identifying and satisfying the needs and wants of customers. - 2. ensuring that the firm's products sell
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What are the main elements that go into a business plan?
the business, the product, the market, the finance, the personnel, the marketing
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seesaw
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gift
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shark
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baam
Lose 20 points!
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15
Distinguish between customers and consumers of a business?
Customers are the people or organizations that buy a product whereas Consumers are the ones who actually use the product.
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For goods, operations is the process of converting.........and components into finished goods, ready for sale and delivery to customers.
raw materials
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What is meant by sectoral change?
refers to a shift in the relative share of national output and employment that is attributed to each business sector over time.
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15
What are the main reasons for starting up a business?
G.E.T C.A.S.H
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What is meant by the chain of production?
tracks the stages of an items production, from the extraction of raw materials used to make the product all the way through to it being delivered to theconsumer
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15
What is 4Ps in Marketing?
Marketing mix: Product, Price, Place and Promotion
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eraser
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gift
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fairy
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banana
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eraser
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fairy
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shark
Other team loses 25 points!
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thief
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What are the four functional areas of a business?
1. Operations/ Production - 2. Marketing/ Sales and Marketing - 3. Finance and accounts/ accounting - 4. Human Resources
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What is the functions of Finance and accounts?
1. managing the organization's money. Accurate recording and reporting of financial documentation. comply with legal requirement and inform those interested in