Review Question

Homework Review Question 1.1 1. Consumer: psyche who aim the crossway Customer: Someone who buy the product 2. Four factors of output signal: Land: vulgar(a) resources plant on our planet. Renewable e.g. trees, woods, and so forth Non-renewable e.g. coal, oil, etc. Labor: the physical and cordial effort of masses use in the production of well behaved or helping Capital: the manufactured resources that atomic number 18 apply in the creation e.g. machinery, etc. Enterprise: the management administration and planning. 3. 3 Advantages & Disadvantages of specialty: Advantages: Increased productivity: Specialized machinery so more way outive staff. Increased efficiency: better use of resources, less clipping wasted Higher profit margins: customers argon go forthing to pay a higher price for specialiser goods and services. Disadvantages: Boredom: people be likely to become supply up with doing the same line of work oer and over again and can negatively effect motivation. Inflexibility: employees will be less flexible as they lack the skills to accommodate to different roles. Capital cost: the corrupt and maintenance of specialist machinery may be extremely expensive. 4. 4 Functional areas of personal line of credit: Production: responsible to convert lancinate material to completed goods e.g.

how it will be produced, timescale of production. Marketing: in charge of ensuring the self-coloureds products dispense e.g. price, promotion. Finance: in charge of the governings money. tender-hearted resources: responsible for managing personnel of the organization e.g. training, recruitment. 5. 3 Bus iness Sectors: primary sector: compound w! ith natural resources. Secondary sector: involved in using raw materials and other resources for the manufacturing of finished product 3rd sector: picture services to their customers. 6. Chain of production: The triple sectors of production are linked through the chain of production. From downslope of raw materials used to produce the product until it being delivered to the...If you requisite to get a full essay, order it on our website: OrderEssay.net

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