Review Question

Homework Review Question 1.1 1. Consumer: psyche who using up the crossing Customer: Someone who buy the product 2. Four factors of drudgery: Land: inwrought resources plant on our planet. Renewable e.g. trees, woods, etc. Non-renewable e.g. coal, oil, etc. Labor: the physical and cordial effort of bulk utilize in the production of well behaved or supporter Capital: the manufactured resources that atomic number 18 apply in the creation e.g. machinery, etc. Enterprise: the management presidency and planning. 3. 3 Advantages & Disadvantages of specialty: Advantages: Increased productivity: Specialized machinery so more way outive staff. Increased efficiency: better use of resources, less clipping wasted Higher profit margins: customers argon go outing to pay a higher price for specializer goods and services. Disadvantages: Boredom: people are likely to become feed up with doing the same line of work all over and over aga in and can negatively effect motivation. Inflexibility: employees will be less flexible as they lack the skills to oblige to different roles. Capital cost: the corrupt and maintenance of specialist machinery may be extremely expensive. 4. 4 Functional areas of wrinkle: Production: responsible to convert lancinate material to finished goods e.g.

how it will be produced, timescale of production. Marketing: in charge of ensuring the heartys products dispense e.g. price, promotion. Finance: in charge of the validations money. tender-hearted resources: responsible for managing personnel of the organizati on e.g. training, recruitment. 5. 3 Busi! ness Sectors: primary sector: compound with natural resources. Secondary sector: involved in using altogether materials and other resources for the manufacturing of finished product 3rd sector: go out services to their customers. 6. Chain of production: The triple sectors of production are linked through the chain of production. From downslope of raw materials used to produce the product until it being delivered to the...If you requisite to get a full essay, order it on our website: OrderCustomPaper.com

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