Notesale: Turn your study into money

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• Enterprise – a group of people that tackles an objective, usually profit
• Quality of output depends on quality of inputs

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Main inputs in a business
• Capital
• Amount of money needed to run a business
• Man-made goods like machines, buildings, vehicles, and equipment needed for
business to operate
• Investment – increasing spending on capital
• Land
• Space where a business operates
• Raw materials and natural resources that are used in making a product
• Labor/manpower
• Physical & mental efforts of people to produce products/services
• Enterprise/entrepreneurship
• Management, organization, and planning of other three factors of production
• Actions of entrepreneur who shows initiative and takes risks to set up, invest, and
run a business
Main business functions and their roles
• Human resources
• Manages the workforce and laborers of the company
• Deals with recruitment, wages, communication, and motivation of employees
• Finance and accounts
• In charge of managing the organization’s money and assets
• Ensures accurate recording and reporting of financial documentation (to comply
with legal requirements)
• Marketing
• Ensure that a company’s products sell
• Concerned with identifying and satisfying consumers’ needs/wants
• In charge of promotions, advertisements, etc
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Business sectors (or economic sectors)
• Primary
• Involves the harvesting of naturally available resources

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mining, agriculture, livestock, drilling, and logging
Regulated and protected by the government
Fuels (produces inputs for) the other economic sectors
Example countries: Vietnam, Philippines, Canada, Dubai
Example companies: Philex Mining, Del Monte, Dole
Secondary
• Involves manufacturing of raw products to finished or component goods
• Finished goods – exported or sold to domestic consumers
• Component goods – sold to companies in the tertiary sector
• Example countries: China, Scotland, Japan, Italy, USA
• Example companies: Coca-Cola, Honda, Del Monte
Tertiary
• Involved with service and retail
• Includes retail sales, transportation, entertainment, restaurants, media, healthcare,
banking, etc
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Impact of sectoral change
• Change in economic structure (primary to secondary, secondary to tertiary, etc
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intrapreneurship (and the intrapreneur)
• Entrepreneurship is the process of starting a business, company, or organization
• The Entrepreneur
• The founder, and usually owner
• Big risk, big reward
• Organizes inputs of production into goods and services (outputs)
• Obtains money, buys the inputs needed and makes decisions

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