Business Notes

Chapter 1: The Purpose of melody Activity * Needs (essential for life) Wants (optional) quaternary factors of argumentation: * Land (Natural Resources provided by nature. Example: Forest, oil, gas) * Labour (Peoples efforts to get to the product) * Capital (Finance, things and equipment needed for the manufacture of goods) * Enterprise (Skill and risk-taking energy of person who brings the separate resources or factors of achievement together to baffle goods or service) Limited Resources: The need to choose * All choices involving the feature/service prone up is called opportunity cost.

* Limited resources (land, labour, capital letter, enterprise) -> frugal Problem (Needs and Wants) -> scarcity -> choice -> leads to opportunity cost (giving up item/service) Specialisation Advantages: * Saves time * high(prenominal) accuracy and quality of production * Reduces cost from waste * pluss efficiency at work Disadvantages * Employees may become bored and tired, leading accident rates growth * return might be stopped if one prole is withdraw and no one else could do the job Business objectives * Earn profit * Increase value added (Chance to earn higher profits) * Expand business (Makes jobs more secure if the business is larger) * fall upon business survival (Competition with other companies in the market) * Provide a service to the community pentad stakeholder groups * Owners (Risk takers/head of business. They put capital to set up and fly high business) * Workers (employees. Follow instruct! ions of managers and do training) * Managers (employees. Important decisions are do by them) * Consumers (they debauch goods from businesses. Without consumers, the business will take unplumbed losses) * Government (Responsible for the economical system of the country. Pass laws to protect workers and consumers) Chapter 2: Types of business activity Levels of economic activity * Primary...If you want to get a full essay, countersink it on our website: BestEssayCheap.com

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