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NATURE OF BUSINESS
ACTIVITY
Labour:
PURC
FINANCE:
skills of Managing
workers HASI
cash flow
HUM NG:
Land: Capital:
minerals, oil, money and AN
MARKETING AND
SALES: selling,
market research
buying
coal assets
RESOURCES
- 4 FACTORS OF
RESO MAIN PROD raw
DEPARTMENTS
PRODUCTION
URCE materi
UCTI
S: ONals
:
Enterprise:
hiring produ
combination of
above and cing
trainin goods
g…read more

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continued...
EXTERNAL INFLUENCES: CONSUMER VS INDUSTRIAL GOODS:
· COMPETITION · CONSUMER GOODS: MADE AND SOLD FOR THE
GENERAL PUBLIC
· POPULATION TASTES AND E.G. CAR, MP3 PLAYER
PREFERENCES · INDUSTRIAL GOODS: USED IN THE PRODUCTION OF
OTHER GOODS
· LAWS AND POLICIES E.G. FACTORY, MACHINERY
· ECONOMIC CONDITIONS
GOODS VS SERVICES:
· GOODS: PHYSICAL AND TANGIBLE PRODUCT E.G. WASHING MACHINE
· SERVICES: INTANGIBLE PRODUCT E.G. TRANSPORTATION, BANKING…read more

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*OBJECTIVES*
PRIVATE SECTOR VS PUBLIC SECTOR
PRIVATE PUBLIC
· MAKE/INCREASE PROFIT · PROVIDE A QUALITY SERVICE
· SURVIVAL · PROVIDE FOR CONSUMER
· INCREASE MARKET SHARE NEEDS
· INCREASE BRAND IDENTITY · PROVIDE MERIT GOODS
· ETHICS/GOING GREEN · PROVIDE PUBLIC GOODS
Private sector encourages efficiency · DONT WASTE TAXPAYERS
through competition as it reduces MONEY
prices and improves quality. However, Public sector supplies things that they
this sector fails in supplying basic may not be able to profit from e.g.
needs. streetlights. Encourages efficiency
through regulations and inspections
e.g. OFSTED.…read more

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THE GLOBAL ECONOMY
IMPORTING EXPORTING
ADVANTAGES DISADVANTAGES ADVANTAGES DISADVANTAGES
SPREADING RISK AND
PRICES MAY BE IMPORTING CAN BE REDUCING THE EXCHANGE RATE
CHEAPER MORE EXPENSIVE EFFECTS OF DECLINE IN (COSTS YOU MONEY)
ONE MARKET
DIFFERENT CULTURE
WIDER RANGE AND MONEY LEAVES THE ECONOMIES OF SCALE MAY NOT SUIT
CHOICE OF PRODUCTS COUNTRY E.G. BULK BUYING
PRODUCT
IMPORTS MAY BE NEW MARKETS = NEW COMPETING AGAINST
BETTER QUALITY SALES OPPORTUNITIES ESTABLISHED RIVALS…read more

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NEEDS, WANTS AND OPPORTUNITY COST
NEEDS:
essential for surviving e.g. food, warmth, shelter, clothing.
WANTS:
things we want to have but aren't essential e.g. iPod
SCARCITY - THE BASIC ECONOMIC PROBLEM:
Unlimited want and limited resources = scarcity. Scarcity
leads to CHOICES being made.
This leads to OPPORTUNITY COST. This is the cost of not choosing the
next best alternative. E.g. Only have enough money to buy a new fridge
or dryer... By buying the fridge, the dryer become the OPPORTUNITY
COST…read more

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