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Business Studies - Coggle Diagram
Business Studies
Section 1: Understanding Business Activity
Chapter 3: Enterprise, Business, Growth and Size
Chapter 2: Classification of Businesses
Chapter 4: Types of Business Organizations
Chapter 1: Business Activity
The economic problem: there exist unlimited wants but there is limited resources to satisfy those wants.
Factor of production
Land
all the natural resources provided by nature.
oil, gas, fields...
Labour
The number of people available to make products
Capital
The money invested into a business by its owners
Enterprise
The skill and risk-taking ability of the person who brings the other of production together to produce a good or service
Opportunity cost is the next best alternative given up by choosing another item
Specialisation: when people and businesses concentrate on what they are best at
Chapter 5: Business Objectives and Stakeholder Objectives
Section 2: People in Business
Chapter 6: Motivating Workers
Chapter 7: Organisation and Management
Chapter 8: Recruitment, Selection and Training of Workers
Chapter 9: Internal and External Communication
Section 3: marketing