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What is a business, Functions - Coggle Diagram
What is a business
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The Sectors in a Economy
Primary
The primary sector refers to the extraction, or production, of raw materials from the Earth.
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Secondary
The secondary sector refers to manufacturing and processing, where raw materials are made into products for sale.
Quaternary
Business focuses on collecting, processing and selling information
Starting a business
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Challenges
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economic, environmental, political shocks
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Systems
Definition: A system is a set of interconnected parts that work together to make a more complex whole to achieve a purpose.
A business is an example of a system.
Input
Physical Resources
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Raw materials
Eg. Agricultural products– corn, timber, minerals like sodium, metals like aluminium, & crude oil.
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Functions
Human Resources
ensures the business employs the correct number of skilled employees to produce and deliver its products
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Finance and Accounts
a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
Operations Management
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Eg. making a product, constructing houses, selling clothes, growing crops etc.
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Marketing
Marketing refers to activities a company undertakes to promote the buying or selling of a product or service
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