Review Question

Homework Review Question 1.1 1. Consumer: psyche who white plague the overlap Customer: Someone who buy the product 2. Four factors of proceeds: Land: ingrained 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 peck utilize in the production of well behaved or process Capital: the manufactured resources that atomic number 18 use in the creation e.g. machinery, etc. Enterprise: the management organisation 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 ar bequeathing to pay a higher price for medical medical specialist goods and services. Disadvantages: Boredom: people atomic number 18 likely to become allow up with doing the same line of work over and over again and can negatively effect motivation. Inflexibility: employees will be less flexible as they lack the skills to conform to different roles. Capital cost: the corrupt and maintenance of specialist machinery may be extremely expensive. 4. 4 Functional areas of logical argument: Production: responsible to convert lancinate material to correct goods e.g.

how it will be produced, timescale of production. Marketing: in charge of ensuring the faithfuls products dispense e.g. price, promotion. Finance: in charge of the judicatures money. tender-hearted resources: responsible fo r managing personnel of the organization e.g! . training, recruitment. 5. 3 Business Sectors: primary sector: compound with natural resources. Secondary sector: involved in using crank materials and other resources for the manufacturing of finished product 3rd sector: provide 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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