Economics 2

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  • Created by: Gabrielle
  • Created on: 29-12-13 15:59
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  • Business Decision Making
    • Scarce Resources mean decisions have to be made
      • Involves costs and benefits
    • Value for money - satisfaction is greater than value
    • Investment Decisions
      • plant, equipment, buildings, land) – with a view to future returns
    • Consumption Decisions
      • (human resources, raw materials, supplier choice
    • Growth and Expansion
      • Internal or External growth
    • Acquiring and keeping customers - involves costs
    • Factors of Production
      • Land
        • Labour
          • Capital
            • Enterprise
    • External Environment
      • Political
        • Environmental
          • Social
            • Technological
              • Legal
                • Economic
    • Stakeholder Value
      • cash and reputation
  • Investment Decisions
    • plant, equipment, buildings, land) – with a view to future returns

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