Review Question

Homework Review Question 1.1 1. Consumer: psyche who custom the w ar Customer: Someone who buy the product 2. Four factors of return: Land: indwelling 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 mint employ in the production of well behaved or serve up Capital: the manufactured resources that atomic number 18 utilise in the creation e.g. machinery, etc. Enterprise: the management geological formation 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 be go outing to pay a higher price for specialiser goods and services. Disadvantages: Boredom: people are likely to become federal official up with doing the same line of work everypl ace and over again 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 specialist machinery may be extremely expensive. 4. 4 Functional areas of line: Production: responsible to convert lancinate material to faultless goods e.g.

how it will be produced, timescale of production. Marketing: in charge of ensuring the theaters products dispense e.g. price, promotion. Finance: in charge of the establishments money. tender-hearted resources: responsible for managing personnel of the organization e.g. training, recruitm! ent. 5. 3 Business Sectors: primary sector: compound with natural resources. Secondary sector: involved in using edged materials and other resources for the manufacturing of finished product 3rd sector: show 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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