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Business Studies Unit 1
What Businesses Do…read more

Slide 2

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Goods and
Adding value
Nature of a
Opportunity cost Stakeholders
Factors of
Decision making
production…read more

Slide 3

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· Businesses take risks in the hope to receive a
· The bigger the potential reward, the bigger the
· Business is risky because the marketplace can
change, sometimes rendering objectives
impossible to achieve.…read more

Slide 4

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Decision making
· Strategic decisions/objectives ­ long term and
affect the whole business
· Tactical decisions and objectives ­ short term
and affect only a part of the business
· Each decision entails a certain element of risk
· Can be constrained by external factors eg
government legislation, changes in the economy
etc.…read more

Slide 5

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Opportunity Cost
· The cost of the next best alternative forgone
when a decision in made
· Any business decision, as well as risk, involves
giving up an alternative
· This is because of limited resources but
unlimited wants…read more

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Goods and services
· Businesses can sell goods and services to
individual consumers and to other businesses
· A good is a tangible product
· A service is a task carried out, not a physical
thing…read more

Slide 7

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Slide 9

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Slide 10

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