Introduction To Business Management

Question 1

WHAT IS A BUSINESS

Answer 1

An organisation or enterprising entity involved w commercial, industrial or professional activities.

Question 2

THE FOUR FACTORS OF PRODUCTION

Answer 2

Land, Labour, capital, enterprise

Question 3

ECONOMIC PRINCIPLES

Answer 3

’* what to produce? How to produce it? How to distribute the product to various users.

Question 4

V U C A. .

Answer 4

Volatility, uncertainty, complex, and ambiguity

Question 5

HOW TO PREPARE FOR V.U.C.A

Answer 5

By having a vision, a better understanding, having clarity and being agile.

Question 6

IS MONEY A FACTOR OF PRODUCTION?

Answer 6

In economics money is not a factor of production but is used to facilitate the acquisition of other rectors production

Question 7

WHAT IS LAND AS A FACTOR OF PRODUCTION (examples)

Answer 7

Refers to all those natural resources used in production. e.g. coal, oil, gold, fish, forests and the land it’s self

Question 8

DIFFERENCES IN THE FACTORS OF PRODUCTION.

Answer 8

Land: natural resource available for production examples all, coal, foists, fish, farming

Labour: human export

Question 9

DIFFERENCES IN THE FACTORS OF PRODUCTION

Answer 9

Land: A natural resource available for production, eg. Oil, coal, forests, fish, farming.

Labour: Human effort available for production, it could be skilled or unskilled.

Capital: Man made physical goods used in production e.g. machines, tools, factories, NOT-MONEY

Enterprise: the role of the entrepreneur in terms of organising the other factors of production and in taking a risk in doing so.

Question 10

WHAT-ARE THE VARIOUS TYPES OF STAKEHOLDERS?

Answer 10

Primary and Secondary stakeholders.

Primary stakeholders: Customers, employees, suppliers and the shareholders of the business.

Secondary Stakeholders: The government, the broader community at large and other business industries and organisations