Notes

topic: revision
1・what is a business?
> businesses exist to satisfy the needs and wants of the customer by providing goods and services to the customer
2・what is a good?
> goods are the tangible things that satisfy some of the human needs and wants such as bottle, desk, chair and wood.
3・what is a service?
> services are the intangible things that satisfy some of the human needs and wants such as medical treatment, transportation, education and manufacturing.
4・write 5 examples of goods.
> 1) food. 2) clothes. 3) houses. 4) pencil. 5) electronics.
5・write 5 examples of services.
> 1) medical treatment. 2) transportation. 3) education. 4) security. 5) fire service.
6・what is a need?
> needs are the basic primary requirements of the people to survive.
7・write 5 basic needs.
> 1) food. 2) air. 3) water. 4) shelter. 5) clothing.
8・what is a want?
> wants are the options that satisfy basic needs.
9・write 5 wants for these basic needs.
> 1) pizza. 2) compressed oxygen in a tank. 3) bottled water. 4) mansion. 5) designer clothes.
10・who is a stakeholder?
> stakeholders are the people who have interest in the business.
11・write 5 stakeholders in a business.
> owners, customers, employees, suppliers, and government.
12・write the interest of each of those stakeholders.
> owner- to ensure the business goes well.
customers- to receive quality goods.
employees- to collect a fair salary with safety.
suppliers- to make sure the stock is full.
government- to collect tax.
13・choose one of your favorite companies and write 5 goods, 5 services, 5 stakeholders and their interests.
>
14・name 4 functions in a business.
> 1) finance. 2) production. 3) human resource. 4) human resource.
15・what is production?
> production is any activity designed to satisfy people's wants.
16・what is marketing?
> marketing is the management process which identify customer wants and anticipate their future wants.
17・what is finance?
> finance is the activity of managing large amounts of money.
18・what is human resource?
> human resource refer to the people in the business.
19・write 3 reasons why businesses need money.
> 1) to invest.
2) to buy stocks.
3) to hire staff.
20・think of some other functions in a business and write them down.
> directing, researching, accounting, advertising, development etc.