Review Question

Homework Review Question 1.1 1. Consumer: psyche who usage the crossway Customer: Someone who buy the product 2. Four factors of work: Land: indispensable 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 tribe utilize in the production of well behaved or answer Capital: the manufactured resources that atomic number 18 apply in the creation e.g. machinery, etc. Enterprise: the management ecesis 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 atomic number 18 go awaying to pay a higher price for specializer goods and services. Disadvantages: Boredom: people ar likely to become feed up with doing the same line of work over and over a gain and can negatively effect motivation. Inflexibility: employees will be less flexible as they lack the skills to conciliate to different roles. Capital cost: the corrupt and maintenance of specializer machinery may be extremely expensive. 4. 4 Functional areas of dividing line: 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 sloppeds products dispense e.g. price, promotion. Finance: in charge of the governments 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(a) materials and other resources for the manufacturing of finished product 3rd sector: grant 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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