1- nature of the business

Question 1

what is nature of a business

Answer 1

meets the needs and wants of individuals of organizations

Question 2

give an example on how some businesses can engage in multiple activities

Answer 2

a farm that grows olives can convert the olives into olive oil for sale under its own label

Question 3

what is a business

Answer 3

1- input resources (human, physical, financial, enterprise)
2- production (added value)
3- desired output (product) either goods (tangible) or services (intangible)

Question 4

another name for input

Answer 4

input recourses

Question 5

another name for output

Answer 5

product output

Question 6

what are the resource inputs

Answer 6

human
physical
financial
enterprise

Question 7

describe human

Answer 7

the right quality and quantity of people required to make a product

Question 8

describe physical

Answer 8

the right quality and quantity of materials, machinery and land space required

Question 9

describe financial

Answer 9

the right quantity of cash and other forms of finance

Question 10

describe enterprise

Answer 10

the business idea, entrepreneurship

Question 11

what are the 2 production processes

Answer 11

capital intensive
labour intensive

Question 12

describe capital intensive

Answer 12

using large proportions of land or machinery relative to other input/labour

Question 13

describe labour intensive

Answer 13

using large proportions of labour relative to other inputs

Question 14

define automation

Answer 14

a term for technology applications where human input is minimized

Question 15

does capital intensive or labour intensive use automation

Answer 15

capital because more technology and less employees

Question 16

what are the 2 outputs

Answer 16

goods (tangible)
services

Question 17

Business definition

Answer 17

An organization that has services or product to satisfy the needs and wants of consumers using resources inputs