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Chapter 1 The purpose of Business
Activity
The economics problem: needs and wants. Basically, all humans have needs and wants. Needs
are things we can't live without, while wants are simply our desires that we can live without. We
all have unlimited wants, which is true, since all of us…

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Advantages:

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· Specialized workers are good at one task and increases efficiency and output.
· Less time is wasted switching jobs by the individual.
· Machinery also helps all jobs and can be operated 24/7. Disadvantages
· Boredom from doing the same job lowers efficiency.
· No flexibility because workers can…

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4. Survival: If a business do not survive, its owners lose everything. Therefore, businesses need

Page 6

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to focus on this
objective the most when they are: starting up, competing with other businesses, or in an
economic recession. 5. Service to the community: This is the primary goal for most government
owned businesses. They plan to produce
essential products to everybody who need them. These business objectives…

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4 Sir Muhammad Talha

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Page 9

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Page 10

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Chapter 2 Types of business activity
Levels of economic activity In order for products to be made and sold to the people, it must
undergo 3 different production processes. Each process is done by a different business sector
and they are:
· Primary sector: The natural resources extraction sector. E.g.…

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Pages in this set

Page 1

Preview of page 1

Page 2

Preview of page 2
Chapter 1 The purpose of Business
Activity
The economics problem: needs and wants. Basically, all humans have needs and wants. Needs
are things we can't live without, while wants are simply our desires that we can live without. We
all have unlimited wants, which is true, since all of us…

Page 3

Preview of page 3
Advantages:

Page 4

Preview of page 4
· Specialized workers are good at one task and increases efficiency and output.
· Less time is wasted switching jobs by the individual.
· Machinery also helps all jobs and can be operated 24/7. Disadvantages
· Boredom from doing the same job lowers efficiency.
· No flexibility because workers can…

Page 5

Preview of page 5
4. Survival: If a business do not survive, its owners lose everything. Therefore, businesses need

Page 6

Preview of page 6
to focus on this
objective the most when they are: starting up, competing with other businesses, or in an
economic recession. 5. Service to the community: This is the primary goal for most government
owned businesses. They plan to produce
essential products to everybody who need them. These business objectives…

Page 7

Preview of page 7
4 Sir Muhammad Talha

Page 8

Preview of page 8

Page 9

Preview of page 9

Page 10

Preview of page 10
Chapter 2 Types of business activity
Levels of economic activity In order for products to be made and sold to the people, it must
undergo 3 different production processes. Each process is done by a different business sector
and they are:
· Primary sector: The natural resources extraction sector. E.g.…

Comments

Pete Langley - Get Revising founder

Report

Brlliant and comprehensive set of notes