It is very important to know environment your business operating in.
This is because your business is affected by internal as well as external factors.
However, you have no control over external factors, therefore it is crucial for you business to identify those factors and be prepared to solve them.
This is because your business is affected by internal as well as external factors.
However, you have no control over external factors, therefore it is crucial for you business to identify those factors and be prepared to solve them.
What is a business?
A business uses resources (natural, human, capital) to make goods and services that satisfy people’s wants and needs.
Business add value this means combining resources so that the finished product can be sold for more than the cost of purchasing the individual items.
For example, a builder…
The more value is added, the greater is the chance to make higher profits.
Adding value would be good for the United Kingdom as a whole as it would increase the value of our exports.
A business uses resources (natural, human, capital) to make goods and services that satisfy people’s wants and needs.
Business add value this means combining resources so that the finished product can be sold for more than the cost of purchasing the individual items.
For example, a builder…
The more value is added, the greater is the chance to make higher profits.
Adding value would be good for the United Kingdom as a whole as it would increase the value of our exports.
Businesses exist because of the economic problem.
The world has finite resources (land, labour, capital) and therefore cannot produce an unlimited amount of goods and service to satisfy everyone’s needs and wants.
Businesses exist because of the economic problem.
The world has finite resources (land, labour, capital) and therefore cannot produce an unlimited amount of goods and service to satisfy everyone’s needs and wants.
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