Section 1: Understanding Business Activity

William  Howard
Mind Map by William Howard , updated more than 1 year ago
William  Howard
Created by William Howard about 6 years ago
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This is a mind map of section 1 in business studies

Resource summary

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