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1.1 what is a business - Coggle Diagram
1.1 what is a business
transformation process
takes inputs and transform some way to produce output, hoping it will fulfil customers requests and wishes
sectors
primary: 1st stage of production, involves extracting or acquiring raw materials
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tertiary: provides service, but cannot be physical. e.g transportation business
quaternary: represents organisation that provides information about the business, e.g communication, ads, social media
factors of production
land: natural resources, quantity of land can affect how much is produced
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adding value: occurs during the transformation process, when outputs are worth more than the inputs used to produce them
market forces: forces of supply/demand which determine price of a product and quantity bought, sold in market
opportunity cost: measures sacrifice made by choosing one option in terms of the next best alternative
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