Business The goal: Satisfying customer needs a The means: Providing goods and services Process: production(operations) manufacture, process, assemble, create, Factors of production(Inputs: Resources (N, L,K,E) Land and natural resources Lab Capital Entrepreneurship A person who risks time, effort, and money to start and operate a business Outputs: Goods and services(marketing logistics) ■ sales, promotion, distribution, services,…Business ◼ The goal: Satisfying customer needs ◼ The means: Providing goods and services ◼ Process: production (operations) ◼ manufacture, process, assemble, create, …… ◼ Factors of production (Inputs: Resources ) (N, L, K, E) ◼ Land and Natural resources ◼ Labor ◼ Capital ◼ Entrepreneurship ◼ A person who risks time, effort, and money to start and operate a business ◼ Outputs: Goods and services (marketing & logistics) ◼ sales, promotion, distribution, services, …