1.1 Intro to Business Management

A ______________ is a decision-making organization that uses inputs known as the factors of production.

Arjun is considering the types of machines used in a factory. Bottling machines are usually considered as...

• Consumer goods

• Services

• Capital goods

• Capital services

An individual who uses a product is known as the...

What are the resources used in production process collectively known as?

• Capital resources

• Factors of production

• Raw materials

• Working Capital

The physical human effort and psychological intellect used in the production process is known as ____________.

The driving force of business, provided by risk-taking individuals which combines the other factors of production is called

• Land

• Labor

• Capital

• Enterprise

Which of the following Business Functions will organize production in a factory?

• Human Resource Management

• Finance and Accounts

• Marketing

• Operations Management

This business function will apply research, then launch and promote the products.

A physical item that can be touched.

• Product

• Good

• Service

An individual or group who buys products

• People

• Consumer

• Businesses

• Customer