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IB Business And Management HL > Key concepts > Flashcards

Flashcards in Key concepts Deck (10)
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1
Q

Business Activity

A

Adds value to inputs (production of land, labour, capital, enterprise) and turns them to outputs (services that people want)

2
Q

Input

A

Function or production

3
Q

Output

A

Goods/Services/Waste

4
Q

Factors of production

A

Combination of human, physical, and financial resources

5
Q

Business functions

A

Human resources, production, marketing, finance

6
Q

Operation

A

Organise the transformation process that turns inputs into outputs

7
Q

Finance and operations

A

Manages the financial resources of the business and reports on their position

8
Q

Marketing

A

Responsible for understanding the needs and wants of customers

9
Q

Human Resources

A

Responsible for all aspects of managing the people who work in the business

10
Q

Corporate Social Responsibility

A

As well as a priority of maximising profit, a business has legal and moral responsibilities- allowing businesses to adopt ethical code. This applies to businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities, and the environment