3220487
Description
Mind Map by William Howard , updated more than 1 year ago
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Created by William Howard
over 8 years ago
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Section 1: Understanding Business Activity
- Needs
- Wants
- People would like it, not essential for living
- People would like it, not essential for living
- Essential to living, people need it
- Purpose of business activity
- Consumer goods
- Products sold to the final customer, can be seen and touched
- Products sold to the final customer, can be seen and touched
- Consumer services
- Products sold to the public but cannot be seen or touched
- Products sold to the public but cannot be seen or touched
- Capital goods
- Products sold to other businesses to help them in their production process, physical goods
- Adding value
- Branding
- Excellent service quality
- Product features
- Convenience
- Branding
- Adding value
- Products sold to other businesses to help them in their production process, physical goods
- Consumer goods
- Purpose of business activity
- Wants
- Business activity
- Producing goods to satisfy customer demands
- Division of labour
- Production divided into separate tasks, each worker does one
- Production divided into separate tasks, each worker does one
- Division of labour
- Producing goods to satisfy customer demands
- Factors of production
- Enterprise
- Entrepreneurs
- Entrepreneurs
- Land
- Natural resources
- Natural resources
- Labour
- No. of people available
- No. of people available
- Capital
- Finance needed for production of goods and services
- Finance needed for production of goods and services
- Economic problem
- Scarcity
- Opportunity cost
- Potential benefit from use of same resource
- Potential benefit from use of same resource
- Not enough goods or services for population
- Opportunity cost
- Scarcity
- Enterprise
- Specialisation
- Concentration on what people are best at in business
- Concentration on what people are best at in business
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