1.1
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- Created on: 15-12-17 09:22
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- 1.1 The Purpose and nature of Businesses
- The Economic Problem
- one problem is the infinite wants to outweigh finite resources.
- Businesses aim to provide what consumers want and need. they must do this with limited resources, so efficiently as possible and with as little waste as possible
- Entrepreneur
- Innovative
- Determined
- Punctual
- Risk Taker
- Organised
- A person who sets up a business or businesses by taking on financial risks.
- Choices and Opportunity Cost. Goods and Services
- Choices are important due to limited resources.
- Opportunity cost is the thing we gave up in order to get the thing we chose
- Tangible is a physical item you can touch and see.
- Factors of processing
- Capital- Goods used in the supply of each products. e.g. Tech
- Labour- the human input into the production process
- Land- Natural resources available for production
- Enterprise- entreprenures organise factors of production and take risks
- The Economic Problem
- the difference between a good and a service is that a good is tangible and a service is intangible.
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