Business Notes

Chapter 1: The Purpose of vocation Activity * Needs (essential for life) Wants (optional) tetrad 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 might of person who brings the separate resources or factors of output signal together to introduce goods or service) Limited Resources: The need to choose * All choices involving the circumstance/service prone up is called opportunity cost.

* Limited resources (land, labour, chief city, enterprise) -> frugal Problem (Needs and Wants) -> scarcity -> choice -> leads to opportunity cost (giving up item/service) Specialisation Advantages: * Saves time * higher(prenominal)(prenominal) accuracy and quality of production * Reduces cost from waste * pluss efficiency at work Disadvantages * Employees whitethorn become bored and tired, leading accident rates ontogenesis * return might be stopped if one doer 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) * secure 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 (empl! oyees. Follow operating instructions of managers and do training) * Managers (employees. Important decisions are do by them) * Consumers (they barter for goods from businesses. Without consumers, the business will take unplumbed losses) * Government (Responsible for the parsimoniousness of the country. Pass laws to protect workers and consumers) Chapter 2: Types of business activity Levels of economical activity * Primary...If you want to get a full essay, wide awake it on our website: BestEssayCheap.com

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