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UNIT 1 and 2 - Coggle Diagram
UNIT 1 and 2
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Factors of production
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Capital
The finance, machinery and equipment needed for
the manufacture of goods
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Enterprise
The skill and risk-taking ability of the person who brings the other resources or factors of production together to produce a good or service
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DIVISION OF LABOUR
Divide work process
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More production, more salaries
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Delegation
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Give a task that is yours to a subordinate, and he do it.
The responsibility is yours, It is not from the subordinate
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Functional departments
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Chain of command
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The structure in an organisation which allows instructions to be passed down from senior management to lower levels of management.
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