Unit 1 - 1 Flashcards
1
Q
what is a need
A
These are basic goods and services that we must have if we are going to be able to survive
2
Q
What is a want
A
These are goods and services that we do not need to have to survive they are only wanted by us because they would make our lives easier to provide pleasure. they are sometimes called luxuries
3
Q
Examples of needs
A
Good
Clothing
Shelter
4
Q
Examples of wants
A
Holidays
jewellery
fancy clothes
car
5
Q
What is an economy
A
And area where goods and services produced and you
6
Q
What are consumers
A
These are people who buy goods to satisfy the needs and wants
7
Q
What is consumption
A
This is the process of consumers creating or buying and then using up goods and services to satisfy their needs and wants
8
Q
What is a business
A
Business is an organisation that is formed to provide goods and services
9
Q
What are goods
A
These are physically tangible things this means that they can be seen and touched
10
Q
Examples of good
A
Car newspaper washing machine
11
Q
Examples of services
A
Hairdresser cleaner taxi driver bank
12
Q
What is the definition of durable
A
He’s a good and services which last for a long period of time
13
Q
Give examples of durable items
A
Car computer fridge washing machine
14
Q
Is the definition of non-durable
A
These goods and services are single use items
15
Q
Give examples of non-durable items
A
Newspaper cinema ticket meal
16
Q
What are the four factors of production
A
Capital enterprise land labour
17
Q
What is the description of capital
A
Actual describes money and oll of the equipment it can be used to buy. capital is a man-made resource
(Man made goods we use as well as money)
18
Q
What is the description of enterprise
A
Enterprise covers all of the ideas for goods and services a business has and the organisation of resources undertaken by it in order to make these ideas turn into real good and services. enterprise earns profit
(The actual business)
19
Q
What is the definition of land
A
London is the Earth and all of the natural resources in it for example oil weird animals crops etc
(Here, you set up your resources)
20
Q
What is the description of labour
A
Are you there is all of the work that is done by people aka Human Resources
(People who work for you)
21
Q
What is the input stage
A
At the input stage a business will have to gather to gather the raw materials that will be needed to make a good or service
22
Q
What is the process stage
A
At the process stage business transforms the role materials into the goods or services.
23
Q
What is the process stage
A
At the process stage business transforms the role materials into the goods or services.
24
Q
What is the output stage
A
At the output stage the business will have created the final good or service that it wants to provide
25
What is the business cycle
The process of businesses using factors of production to produce goods and services that will satisfy the needs and wants of consumers
26
What is in the business cycle
1. People ( consumers ) have needs and wants
2. Businesses identify these needs and wants By doingwants by doing research
3. Businesses produce goods and services to satisfy customer needs and wants and make a profit
4. Consumers by the goods and services produced by the business and consume them.
27
What is an entrepreneur
You entrepreneur is the person who brings together the workers, the natural and the man-made resources to produce goods and services
28
Where does an entrepreneur is money come from
Entrepreneurs he is their own money or borrow money to put all the necessary resources together. They often have to give up other work on their regular income. They invest the time money and effort on a business idea that me or may not work.
29
Why entrepreneurs risktakers
They can stand to lose everything if the idea doesn’t work. many entrepreneurs use franchising as A mean of starting up your own business this reduces the risk of failure support and guidance is provided by the franchiser
30
Give examples of entrepreneurs
Bill Gates and Microsoft
| Richard Branson and virgin
31
What is the definition of industrial sector
A group of organisations which produce a similar type of goods or service
32
What are you different industrial sectors
Primary secondary tertiary
33
What is the primary sector
Primary sector organisations are responsible for extracting from the earth for the raw materials needed for the Input stage of production
34
Examples of primary sector
Farming Oil exploration fishing forestry
35
What is the secondary sector
Secondary sector organisations are responsible for manufacturing goods using The raw materials from the primary sector
36
Examples of secondary factors
Call manufacture furniture maker use paper computer manufacture
37
What is the tertiary sector
Tertiary sector organisations are responsible for providing services this includes sales of goods from the secondary sector
38
Examples of tertiary sector
Salespeople hairdressers banks lawyers
39
What are the main factors which make businesses different from each other
Business size
economic sectors
Objective
sector of industry
40
What are the three main sizes of businesses
Small medium large
41
How many workers are in a small business
Between one and 50 workers
42
How many people are in a medium sized business
50 to 250 workers
43
How many people in a large business
More than 250 workers
44
What is the economic sector
The term economic sectors describes a group of organisations which are set up and run by their owners for similar purpose
45
What are the three different economic sectors
Public sector private sector third sector
46
Describe public sector organisations
owned by government controlled by government and money comes from tax
They are set up to provide goods and services that should improve the quality of life for any member of the public uses them
47
Examples of public-sector organisation
Healthcare education emergency services transport
48
Describe private sector business
Private owned by private individual controlled by private individuals money comes from them like savings or shareholder
There set up to provide goods and services only to consumers who can afford to pay for them
49
Give the three types of private sector
So trader partnership private limited company
50
What are Raw Material
These are the parts that have to be put together to make the good or service
51
What is a production chain
For many goods and services the output stage for one business is the start of input from another all of the businesses whose production processes are linked together to make one good or Service
52
Advantages of so trader
Positions can be made and completed quickly which allows the business to respond to problems that may need to be allocated rapidly
All the profits made by the business can be retained by the owner
All information about business Are kept private this includes information about my earnings
53
DisAdvantages of a sore cheater
Owner has unlimited liabilities
Hard to increase finance as money will be loaned by friends and family
All losses will have to be accepted by the owner which could mean the end up with far less money than they once had
Owner goes on holiday the whole business Will have to stop
54
What are unlimited liability
If the business goes on that it is not limited to the money in the business and so the owner will have to pay the rest using your own personal belongings like a car or even a house
55
Main features of a partnership
Two to 20 owners who have you could investigate some of the start-up capital for the organisation
Each partner has a say in the decision making process how much control each partner has set out in the partnership agreement
56
Advantages of partnerships
Any losses in the business will be shared between all partners this means each individual owner will take a smaller personal loss in a bad year
Decision-making is shared between the partners which means less stress for each owner
The skills of the different partners can I load the business to expand and make more profit
They do not have to share information about the business businesses financial issues(except government for paying tax)
57
What are the disadvantages of partnership
Unlimited liability
How to make decisions as there has to be an agreement between all partners before something can be done
The profit from the business Is shared between all the partners
58
Main features of private limited companies
At least two oh knows you have invested some of the start-up capital for the organisation
each of these owners are called shareholders
Shares can only be bought privately from existing shareholders.
Decision-making in a limited company is made by a group of senior management known as the board of directors
59
Advantages of private limited companies
Limited liability
Lest just for each individual during decision-making
Different skills of the board of directors can I like the business to expand and make more profit
Losses can be shared between all the share holders
60
What is the definition of limited liability
This means that if your business runs out of money the debt is limited to the money in the business and so the shareholders may have invested in the business
61
Disadvantages of private limited company
Private limited companies have to share some information about the business when registering it manually
Hard to make decisions in your business because there has to be an agreement between the board Befor governors befor something can be done
Profits of the business are shared between all shareholders
Is more difficult to keep workers happy and well motivated and a big organisation
62
Describe Third sector businesses
Consists of non-governmental organisation which have been set up to provide goods and services to benefit special groups that need special assistance
63
two things in 3rd sector businesses
Charity ,social enterprise
64
What charities
Charities organisations which have been set up for the sole purpose of providing public benefit
65
Give examples of charitable purposes
```
Poverty
Education
Religion
Health
Human right
Equally
```
66
How do you charities make money
They do not make their money by trading and learning projects encourage the public to give the money to pay for their work through the use of advertising campaigns and fundraising events this money which is given by the public is known as a donation
67
Who are charities managed by
Charities will have volunteer and paid employees who are managed by a group of managers known as trustees
68
Features of a social enterprise
They cannot be part of a public-sector organisation
They aim to generate the funds through grants and making profit through trading activities
Social enterprises would have volunteered and paid employees who are managed by a board of directors
Social enterprises must be done in an ethical manner which reflects their aim to be of benefit to society this will be seen through actions such as offering their staff satisfactory wages terms and conditions and to your en social enterprises must be done in an ethical manner which reflects their aim to be of benefit to society this will be seen through their actions such as environmental policies
69
Give examples of objectives
Profit maximisation
GrowTh
Survival
Maximise customer satisfaction
70
What is profit maximisation
The aim is to take as much money as possible out of the business this is the most obvious objective but it is not always possible to achieve along with the other objectives
71
What is growth
To grow and increase market share the business may have more profits as its cost will be higher and it may be selling at reduced prices
72
What is survival
For some small firms this is the most important objective they want to avoid having to close being taken over by bigger firms
73
What is maximise customer satisfaction
When you’re organisations will be interested in maximising can’t customer satisfaction so that the public and their customers think positively about the business and continue to support it.
To create and maintain high levels of customer satisfaction Businesses will be interested in delivering customers high quality marketing work high quality products
74
Common objectives for public sector
Customer satisfaction enterprise provider service
75
Common objectives for private sector
Maximise profit survival consumer satisfaction market share enterprise
76
Common objectives for third sector
Social responsibility customer satisfaction marketshare Enterprise
77
What is a grant
Money available from government to help businesses set up
78
Duration of grants
Short-term
79
Advantages of grants
Source of finance from central or local government the eu etc
it is often motivates new business to set up in a particular area of high unemployment
80
Disadvantages of grants
One off payments that once received are not usually repeated
sometimes difficult to receive
81
What is Hire purchase
Often used to obtain equipment for vehicles
| the cost plus interest is paid in equal instalments over a set period of time
82
Duration of hire purchase
Short-term
83
Advantages of higher purchase
The cost of spread making the item easier to afford
| a fixed repayment help with budgeting
84
Disadvantages of hire purchase
Items are owned by the higher purchase company until the last instalment is paid
85
What is an overdraft
faculty at the bank to Overdraw on your account
86
Duration on overdraft
Short term
87
Advantages of overdraft
Can be agreed in advance and for many friends are permanent facility can be available
88
Disadvantages of overdraft
Interest rates can be quite high
89
What are retained profits
Keeping profit from here to be used in the next year to expand et cetera
90
What is a duration of retained profits
Short-term
91
Advantages of retained profit
Profits can be kept back from previous years could be used to purchase assets
92
Disadvantages of retained profits
Companies that self financing retained profits often find it difficult to grow at a speed they would like
93
Hello what are trade credit
Your suppliers give you time to pay
94
What is adjudication of trade credit
Short term
95
Advantages of trade credit
Because you don’t have to pay immediately you can sell for goods before you have to pay for them this improves your cash flow
96
Disadvantages of trade Credit
Your customers may also expect time to pay If the period is too long you may find it hard to get I suppose you will do the same
97
What are Bank loans/mortgages
Borrowing money from the bank to finance improving cash flow within the business
98
What is the duration of B Bank loans and mortgages
Long-term
99
Advantages of bank loans and mortgages
Budgeting and planning is easier as many payments are made in regular instalments
100
Dis advantages of bank loans and mortgages
You have to repay the amount borrowed Plus interest
101
What is share issue
Increasing amount of money available to the business very selling shares in the business
102
What is the duration of the share issue
Long time
103
Advantages of share issue
This source of finance is available to companies shareholders have limited liabilities shareholders you receive an annual dividend in return for their investment does not need to be repaid
104
Disadvantage of share issues
The cost of issuing shares can be expensive and it is difficult to estimate an appropriate selling price of shares
105
Give examples of message to obtain finance
Grants overdraft mortgage bank loans
106
Impact of poor customer Service
Decreased sales
Poor reputation
Poorly motivated staff
Problems with recruitment
107
Reasons for poor customer service
The business does not have a clear complaints procedure or complaints are on satisfactorily dealt with
The company does not provide all staff with suitable and sufficient customer service training
The business is not listening to customer feedback about its products and services
108
How to improve customer satisfaction
```
Providing the latest quality product
Having a customer care strategy
Having a customer complaint procedure
Making sure employees are trained
Having an after sales service
```
109
Why is customer satisfaction important in a business
If customers are happy to be more to the business which means they return in the future and make my purchases
It gives the business a good reputation
It can help to increase the organisation share of the market
Allows organisations to remain ahead of competition
110
Main features of a sole trader
One owner this is the person who invested money to start up the Organisation
The owner has all the power to make decisions for the business this includes decisions made on a day-to-day basis as well as judgements which influence the future of the business or traders usually have a couple workers or may work unaccompanied
111
What are the three internal factors
Finance
Human Resources
Technology
112
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
113
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
114
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
115
What are internal factors
These are things inside of a business that affects the way it operates
116
What are the three internal factors
Finance
Human Resources
Technology
117
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
118
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
119
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
120
What are internal factors
These are things inside of a business that affects the way it operates
121
What are the three internal factors
Finance
Human Resources
Technology
122
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
123
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
124
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
125
What are internal factors
These are things inside of a business that affects the way it operates
126
What are the three internal factors
Finance
Human Resources
Technology
127
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
128
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
129
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
130
What are internal factors
These are things inside of a business that affects the way it operates
131
What are the three internal factors
Finance
Human Resources
Technology
132
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
133
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
134
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
135
What are internal factors
These are things inside of a business that affects the way it operates
136
What are the three internal factors
Finance
Human Resources
Technology
137
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
138
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
139
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
140
What are internal factors
These are things inside of a business that affects the way it operates
141
What are the three internal factors
Finance
Human Resources
Technology
142
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
143
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
144
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
145
What are internal factors
These are things inside of a business that affects the way it operates
146
What are the three internal factors
Finance
Human Resources
Technology
147
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
148
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
149
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
150
What are internal factors
These are things inside of a business that affects the way it operates
151
What are the three internal factors
Finance
Human Resources
Technology
152
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
153
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
154
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
155
What are internal factors
These are things inside of a business that affects the way it operates
156
What are the three internal factors
Finance
Human Resources
Technology
157
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
158
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
159
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
160
What are internal factors
These are things inside of a business that affects the way it operates
161
What are the three internal factors
Finance
Human Resources
Technology
162
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
163
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
164
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
165
What are internal factors
These are things inside of a business that affects the way it operates
166
What are the three internal factors
Finance
Human Resources
Technology
167
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
168
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
169
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
170
What are internal factors
These are things inside of a business that affects the way it operates
171
What are the three internal factors
Finance
Human Resources
Technology
172
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
173
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
174
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
175
What are internal factors
These are things inside of a business that affects the way it operates
176
What are the three internal factors
Finance
Human Resources
Technology
177
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
178
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
179
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
180
What are internal factors
These are things inside of a business that affects the way it operates
181
What are the three internal factors
Finance
Human Resources
Technology
182
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
183
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
184
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
185
What are internal factors
These are things inside of a business that affects the way it operates
186
What are the three internal factors
Finance
Human Resources
Technology
187
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
188
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
189
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
190
What are internal factors
These are things inside of a business that affects the way it operates
191
What are the three internal factors
Finance
Human Resources
Technology
192
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
193
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
194
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
195
What are internal factors
These are things inside of a business that affects the way it operates
196
What are the three internal factors
Finance
Human Resources
Technology
197
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
198
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
199
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
200
What are internal factors
These are things inside of a business that affects the way it operates
201
What are the three internal factors
Finance
Human Resources
Technology
202
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
203
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
204
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
205
What are internal factors
These are things inside of a business that affects the way it operates
206
What are the three internal factors
Finance
Human Resources
Technology
207
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
208
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
209
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
210
What are internal factors
These are things inside of a business that affects the way it operates
211
What are the three internal factors
Finance
Human Resources
Technology
212
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
213
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
214
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
215
What are internal factors
These are things inside of a business that affects the way it operates
216
What are the three internal factors
Finance
Human Resources
Technology
217
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
218
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
219
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
220
What are internal factors
These are things inside of a business that affects the way it operates
221
What are the three internal factors
Finance
Human Resources
Technology
222
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
223
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
224
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
225
What are internal factors
These are things inside of a business that affects the way it operates
226
What are the three internal factors
Finance
Human Resources
Technology
227
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
228
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
229
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
230
What are internal factors
These are things inside of a business that affects the way it operates
231
What are the three internal factors
Finance
Human Resources
Technology
232
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
233
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
234
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
235
What are internal factors
These are things inside of a business that affects the way it operates
236
What are the three internal factors
Finance
Human Resources
Technology
237
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
238
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
239
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
240
What are internal factors
These are things inside of a business that affects the way it operates
241
What are the three internal factors
Finance
Human Resources
Technology
242
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
243
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
244
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
245
What are internal factors
These are things inside of a business that affects the way it operates
246
What are the three internal factors
Finance
Human Resources
Technology
247
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
248
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
249
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
250
What are internal factors
These are things inside of a business that affects the way it operates
251
What are the three internal factors
Finance
Human Resources
Technology
252
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
253
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
254
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
255
What are internal factors
These are things inside of a business that affects the way it operates
256
What are the three internal factors
Finance
Human Resources
Technology
257
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
258
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
259
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
260
What are internal factors
These are things inside of a business that affects the way it operates
261
What are the three internal factors
Finance
Human Resources
Technology
262
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
263
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
264
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
265
What are internal factors
These are things inside of a business that affects the way it operates
266
What are the three internal factors
Finance
Human Resources
Technology
267
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
268
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
269
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
270
What are internal factors
These are things inside of a business that affects the way it operates
271
What are the three internal factors
Finance
Human Resources
Technology
272
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
273
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
274
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
275
What are internal factors
These are things inside of a business that affects the way it operates
276
What are the three internal factors
Finance
Human Resources
Technology
277
How does finance affect a business
Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved
278
How do Human Resources affect a business
Employees affect how a business works. staff who are poorly trained or may not have the right skills to perform their job well. managers make decisions but with that comes high risk of something going wrong
279
How does technology affect a business
If there is a lack of technology businesses may be left behind. If it is out of date this can prevent the organisation from fulfilling their objectives
280
What are internal factors
These are things inside of a business that affects the way it operates
