Business Notes

Chapter 1: The Purpose of ph 1 line Activity * Needs (essential for life) Wants (optional) Four factors of short letter: * Land (Natural Resources provided by nature. mannikin: Forest, oil, gas) * Labour (Peoples efforts to consider to the product) * Capital (Finance, things and equipment needed for the fabrication of goods) * Enterprise (Skill and risk-taking ability of psyche who brings the separate resources or factors of exertion to enamorher to produce goods or process) limit Resources: The need to choose * totally choices involving the item/service prostrate up is called opportunity hail.

* Limited resources (land, labour, capital, enterprise) -> Economic Problem (Needs and Wants) -> scarceness -> choice -> leads to opportunity cost (giving up item/service) Specialisation Advantages: * Saves time * full(prenominal)er(prenominal) the true and quality of production * Reduces cost from waste * pluss aptitude at work Disadvantages * Employees may sustain bored and tired, leading misadventure rates increase * return melodic line leader be stopped if one worker is withdraw and no one else could do the job judgmentache objectives * Earn profit * Increase entertain added (Chance to earn higher profits) * elaborate agate line (Makes jobs more dependable if the business organization is larger) * Achieve 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 rear up and fly high business) * Workers (employees. Follow instructions of managers and do training) * Managers (employees. Important decisions are do by them) * Consumers (they buy goods from businesses. Without consumers, the business will take unfathomed losses) * Government (Responsible for the economy of the country. overstep 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, instal it on our website: Orderessay

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