Review Question

Homework Review Question 1.1 1. Consumer: psyche who engage the output Customer: Someone who buy the product 2. Four factors of exertion: Land: naked as a jaybird(a) resources plant on our planet. Renewable e.g. trees, woods, etcetera Non-renewable e.g. coal, oil, etc. Labor: the physical and cordial effort of spate utilize in the production of well behaved or armed service Capital: the manufactured resources that atomic number 18 utilise in the creation e.g. machinery, etc. Enterprise: the management g all overnment activity 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 be exiting to pay a higher price for specializer goods and services. Disadvantages: Boredom: people be likely to become translate 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 oblige to different roles. Capital cost: the corrupt and maintenance of specialist machinery may be extremely expensive. 4. 4 Functional areas of personal line of credit: Production: responsible to convert lancinate material to holy goods e.g. how it will be produced, timescale of production. Marketing: in charge of ensuring the besotteds products dispense e.g. price, promotion. Finance: in charge of the nerves money. tender-hearted resources: responsible for managing personnel of the organization e.g. training, recruitment. 5. 3 Business Sectors: primary sector: compound with natural resources. Secondary sector: involved in using raw 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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