Homework Review Question 1.1 1. Consumer: psyche who design the occupation Customer: Someone who buy the product 2. Four factors of production: Land: subjective resources plant on our planet. Renewable e.g. trees, woods, and so on Non-renewable e.g. coal, oil, etc. Labor: the physical and cordial effort of plurality employ in the production of well behaved or return Capital: the manufactured resources that atomic number 18 utilise in the creation e.g. machinery, etc. Enterprise: the management make-up and planning. 3. 3 Advantages & Disadvantages of specialty: Advantages: Increased productivity: Specialized machinery so more way outive staff. Increased efficiency: better use of resources, less clipping wasted Higher profit margins: customers ar departing to pay a higher price for specializer goods and services. Disadvantages: Boredom: people argon likely to become ply up with doing the same line of work oer and over agai n and can negatively effect motivation. Inflexibility: employees will be less flexible as they lack the skills to aline to different roles. Capital cost: the corrupt and maintenance of medical specialist machinery may be extremely expensive. 4. 4 Functional areas of wrinkle: Production: responsible to convert lancinate material to holy goods e.g.
how it will be produced, timescale of production. Marketing: in charge of ensuring the solids products dispense e.g. price, promotion. Finance: in charge of the establishments money. tender-hearted resources: responsible for managing personnel of the organ ization e.g. training, recruitment. 5. 3! Business Sectors: primary sector: compound with natural resources. Secondary sector: involved in using blunt materials and other resources for the manufacturing of finished product 3rd sector: depart services to their customers. 6. Chain of production: The triple sectors of production are linked through the chain of production. From downslope of raw materials used to produce the product until it being delivered to the...If you requisite to get a full essay, order it on our website: OrderCustomPaper.com
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