Chapter 1: The Role of Business

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Chapter 1: The Role of Business
- Outputs
  - Finished products made from inputs
  - Goods
  - Services
  - The needs and wants of customers
- Inputs
  - Raw Materials
  - Labour
  - Money
  - Owners/directors
- Functions of a Business
  - Human Resource Management
  - Marketing
  - Finance
  - Production
  - Other functions
    - An employer
    - Source of Revenue
    - Helping balance of payment
- What is produced?
  - Consumer durable goods
    - A product that can be used more than once
  - Consumer non-durable goods
    - A product that can only be used once
- Adding Value
  - What a business achieves by ensuring that the price of the finished good or service is in excess of the cost of the inputs
Raw materials requires to produce goods
- Inputs
  - Raw Materials
  - Labour
  - Money
  - Owners/directors
Goods
Services
The needs and wants of customers
Functions of a Business
- Human Resource Management
- Marketing
- Finance
- Production
- Other functions
  - An employer
  - Source of Revenue
  - Helping balance of payment
What is produced?
- Consumer durable goods
  - A product that can be used more than once
- Consumer non-durable goods
  - A product that can only be used once
Adding Value
- What a business achieves by ensuring that the price of the finished good or service is in excess of the cost of the inputs

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