Question: production (function- first line)

Answer: creates or obtains products or services for sale.

the primary reason for a business to exist is to provide products or services to consumers and earn a profit.

This includes:

Production of obtaining raw materials

Processing

changing the form of the materials (paper, metals, etc.)

Services

(salons, tax returns, travel agents, etc.)

Question: operations

Answer: the ongoing activities designed to support the primary function of a business and to keep a business operating efficiently.

Question: accounting and finance function

Answer: plans and manages financial resources and maintains records and information related to businesses’ finances.

Question: management and administration function

Answer: involve developing, implementing, and evaluating the plans and activities of a business.

Question: marketing

Answer: -satisfying exchange relationships

-important for business

-make sure products and services are available to consumers and to ensure that effective exchanges occur.

Question: coordination of business functions

Answer: