Other slides in this set

Slide 2

Preview of page 2

Here's a taster:

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

Slide 3

Preview of page 3

Here's a taster:

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

Slide 4

Preview of page 4

Here's a taster:

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

Preview of page 5

Here's a taster:

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

Slide 6

Preview of page 6

Here's a taster:

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

Preview of page 7
Preview of page 7

Slide 8

Preview of page 8
Preview of page 8

Slide 9

Preview of page 9
Preview of page 9

Slide 10

Preview of page 10
Preview of page 10

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all resources »