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Week 6/7 - Coggle Diagram
Week 6/7
Production
Methods of production
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Cell - working in teams with others to work on parts of a product, e.g a car
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Quality control - checking the quality of the product at the end of the production process
quality assurance - checking the quality of the product at each stage of the production process.
kaizen - where each employee develops continuous improvement
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External influences
Monopoly - where one business owns all demand and supply of a market
opiology - where multiple business owns almost of a markets share and power
SPICED - strong pound, income cheaper, exports dearer.
Legislation
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Consumer protection:
- health and safety
- Data protection
Competitive law
- ensure competition between businesses is fair
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Types of businesses
Limited liability - the owner and business are viewed as different entities (can only lose investment)
Eg:
- PLC
- LTD
- Other incorporated businesses
Unlimited liability - the owner and business are viewed as the same entities (can lose personal assets).
Eg:
- Sole trader
- Partnership
- Other unincorporated businesses