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Business Activity - Coggle Diagram

- - - - People attempt to be self-sufficient. With their own effort, they attempt to survive and produce enough for their own needs.
- - - - One alternative could be if businesses increase selling price but they also keep the cost of materials. If businesses create a higher quality image, consumers will accept to pay a higher price for it..
      - And another alternative could be if businesses reduce de cost of materials but keep the price the same. Businesses could use cheaper materials and if the price stays the same then a higher added value will be made.
- - - - specialised machinery and technologies are available
      - increasing competition means businesses have to keep costs low
      - most people recognise that higher living standards can result from being specialised
  - - - Workers are train and specialised in one task, so that the efficiency andoutputincreases
      - Less time is wasted moving from one place to the other
      - It´s quicker to train the workers because they need to do only one skill
    - - Workers can get bored by doing always the same job, so the efficiency might fall
      - Production could be stopped if one worker absents
- - - - Land: is used to cover all the natural resources
      - Labour: is the number of people available to make products
      - Capital: is the finance, machinery and equipment needed for the manufactured of goods
      - Enterprise: is the skill nd risk-taking ability of a person who brings resources or factors of production to produce agood or service