Business risk is the looming possibility that planned strategies, investments, and operations might not yield the desired results.
Posts published in “BUSINESS ACTIVITY”
Division of labor means breaking down different aspects of a job or task and assigning different people to each particular part of the work.
This article reviews relationship between limited resources on Earth, human unlimited wants and scarcity which is causing the economic problem.
In this world, there are certain needs we all have in common as human beings. There are 7 of those needs the same for everybody.
Many people in this world tend to surround themselves with objects, way too many objects than they need. But is that what they really need?
For everyone who wants to be fully in control of consumption choices in life, knowing the differences between needs and wants is super important!
One feature of modern business is specialization. Specialization is production of a limited range of goods by an individual person, firm, region or country.
Businesses add value by turning raw materials into goods and services that they can sell to consumers. A business will add value in the production process.
The next best alternative (desired product or service) which you give up, becomes lost opportunity. It is known as the opportunity cost of your decision.
There are not enough of these factors of production in the world. This creates scarcity - not enough goods and services to meet needs and wants of population.
Businesses require resources for the production of goods and services. The resources used in the production processes are called factors of production.
Business organization must satisfy needs and wants of their consumers profitably in order to be successful on the market. Customers have many needs and wants.
Business activity is everywhere. Doing everything in our lives by ourselves may not sound like a bad idea. We can save money, lots of money.
The production process is the process of turning inputs into outputs. Inputs are resources and outputs are final products: goods and services.
What is meant by business activity? Business activity is the process of producing goods and providing services to satisfy consumer demand.