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1.1 What is business? - Coggle Diagram
1.1 What is business?
Nature of a business
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Businesses focus on 1 activity, or cluster related activities/engage to them completely different from each other.
Businesses in put resources, process the to create output.
The add value to inputs, been rewarded by gaining revenue and recognition.
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Business functions
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Small businesses handle tasks their own, while the large can afford specialized managers.
Primary, secondary, tertiary & quaternary sectors
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Sectoral change
Process of shifting from one proportional weighting of sector in an economy to a different, can produce strain on resources.
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Secondary sector businesses may require, specialist skills tax may be short in supply. Economy that shifts, legislation are weak and cause to this businesses to produce more environment damage.
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Size of each sector of economy change because, individuals or businesses grow and develop, so too will countries.
Related to changing economies are the complexities of social contexts. Advanced sectors require complex social contexts for businesses to thrive.
Technological innovation in one area and its related workers can make other technologies and occupations obsolete.
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