1.1 Flashcards
(35 cards)
What are inputs and the three types?
Inputs are the resources businesses use to produce. Three types are physical, financial, and human.
What are processes?
The process each department goes through to create its product
What are the four different business functions?
Human Resources, Finance, Marketing, and Operations
What are the two main business outputs?
Goods and Services. Goods and tangible and services are not
What is the Doughnut Economics Model?
The Doughbut Economics Model is simply a framework used to find the balance between the needs and wants of humans while still respecting the health of the planet.
What is the outer ring?
Outer ring focuses on the natural environment systems that help keep the planet stable
What is the ecological ceiling?
Ecological ceiling is the limit that the systems can go to not over-do it to the point that is damages the planet
What is the inner ring?
The inner ring is the social foundation, the basic needs that humans need to survive
How does the Doughnut Economics Model relate with business?
Businesses play a big role in helping the Earth get into this safe green space as meeting human needs while not going overboard with environment systems is something that businesses should be doing.
What is the economy?
a system used for producing and delivering goods and services among a group of people
How does economy work in households?
important care services provided between people through unpaid work
How does economy work in state?
providing fundamental goods and services
How does economy work in commons?
providing shared goods and services
How does economy work in markets?
providing goods and services produced by businesses
What is primary sector?
extracted from natural resources and sold
What is secondary sector?
buy things from the primary sector and turn into products
What is teritary sector?
any business that sells a service
What is quaternary sector?
services that focus on knowledge
What is supply chain?
steps involved in creating finished goods
What are integrated businesses?
businesses whose activities involve two or more sectors
What is SWOT?
a simple tool used by businesses to analyze its internal weaknesses and strengths, and external opportunities and threats.
How is the SWOT analysis useful?
Helps a business understand its current position whilst allowing it to evaluate potential grwoth strategies.
What does SWOT stand for?
Strength, Weakness, Opportunities, Threats
What are internal factors?
Things that the business has control over (four business functions)
