1. Business Activity an der University Of Birmingham | Karteikarten & Zusammenfassungen

Lernmaterialien für 1. Business activity an der University of Birmingham

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TESTE DEIN WISSEN
Define need 
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TESTE DEIN WISSEN
A need is a good or service essential for survival 
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TESTE DEIN WISSEN
Define opportunity cost 
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TESTE DEIN WISSEN
Opportunity cost is the cost of choosing between alternative uses of resources, choosing one use always means giving up the opportunity to use resources in another way. 
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TESTE DEIN WISSEN
Define factors of production 
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TESTE DEIN WISSEN
The factors of production are those resources needed to produce goods and services. 
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TESTE DEIN WISSEN
What are the factors of production? 
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TESTE DEIN WISSEN
  • Land 
  • Labour 
  • Capital 
  • Enterprise 
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TESTE DEIN WISSEN
Define land 
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TESTE DEIN WISSEN

Land is not only land itself but the natural resources found in the earth and sea. 

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TESTE DEIN WISSEN
Define labour 
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TESTE DEIN WISSEN
Labour is the number of people available to make products using their skills. 
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TESTE DEIN WISSEN
Define specialisation 
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TESTE DEIN WISSEN
Specialisation is the process of people and organisations concentrating on and becoming experts in a particular skill in which they are best at. 
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TESTE DEIN WISSEN
Disadvantages of specialisation (5)
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TESTE DEIN WISSEN
  • results in boredom for workers 
  • repetition kills motivation for workers 
  • if one worker doesn't complete their job it disrupts the whole production process 
  • workers lose flexibility 
  • business has to invest in training workers 
Lösung ausblenden
TESTE DEIN WISSEN
Specialisation is common because: (3)
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TESTE DEIN WISSEN
  • specialised machinery and technology are widely available 
  • increasing competition means businesses have to keep costs low 
  • most people recognise that high living standards results from being specialised 
Lösung ausblenden
TESTE DEIN WISSEN
Define division of labour 
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TESTE DEIN WISSEN
Division of labour is when the production process is split up into different tasks and each worker performs one of these tasks. 
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TESTE DEIN WISSEN
Ways a business increases added value: (6)
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TESTE DEIN WISSEN
  • increasing selling price but keep cost of materials the same. 
  • reduce cost of materials but keep selling price the same. 
  • always consider consumer perspectives. 
  • consistently work to improve customer satisfaction. 
  • implement marketing models into your strategy. 
  • develop a memorable customer experience. 
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TESTE DEIN WISSEN
Without added value: (2)
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TESTE DEIN WISSEN
  • other costs can't be paid for 
  • no profit is made 
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Beispielhafte Karteikarten für deinen 1. Business activity Kurs an der University of Birmingham - von Kommilitonen auf StudySmarter erstellt!

Q:
Define need 
A:
A need is a good or service essential for survival 
Q:
Define opportunity cost 
A:
Opportunity cost is the cost of choosing between alternative uses of resources, choosing one use always means giving up the opportunity to use resources in another way. 
Q:
Define factors of production 
A:
The factors of production are those resources needed to produce goods and services. 
Q:
What are the factors of production? 
A:
  • Land 
  • Labour 
  • Capital 
  • Enterprise 
Q:
Define land 
A:

Land is not only land itself but the natural resources found in the earth and sea. 

Mehr Karteikarten anzeigen
Q:
Define labour 
A:
Labour is the number of people available to make products using their skills. 
Q:
Define specialisation 
A:
Specialisation is the process of people and organisations concentrating on and becoming experts in a particular skill in which they are best at. 
Q:
Disadvantages of specialisation (5)
A:
  • results in boredom for workers 
  • repetition kills motivation for workers 
  • if one worker doesn't complete their job it disrupts the whole production process 
  • workers lose flexibility 
  • business has to invest in training workers 
Q:
Specialisation is common because: (3)
A:
  • specialised machinery and technology are widely available 
  • increasing competition means businesses have to keep costs low 
  • most people recognise that high living standards results from being specialised 
Q:
Define division of labour 
A:
Division of labour is when the production process is split up into different tasks and each worker performs one of these tasks. 
Q:
Ways a business increases added value: (6)
A:
  • increasing selling price but keep cost of materials the same. 
  • reduce cost of materials but keep selling price the same. 
  • always consider consumer perspectives. 
  • consistently work to improve customer satisfaction. 
  • implement marketing models into your strategy. 
  • develop a memorable customer experience. 
Q:
Without added value: (2)
A:
  • other costs can't be paid for 
  • no profit is made 
1. Business activity

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