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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

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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

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3
Q

Examples of needs

A

Good
Clothing
Shelter

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4
Q

Examples of wants

A

Holidays
jewellery
fancy clothes
car

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5
Q

What is an economy

A

And area where goods and services produced and you

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6
Q

What are consumers

A

These are people who buy goods to satisfy the needs and wants

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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

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8
Q

What is a business

A

Business is an organisation that is formed to provide goods and services

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9
Q

What are goods

A

These are physically tangible things this means that they can be seen and touched

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10
Q

Examples of good

A

Car newspaper washing machine

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11
Q

Examples of services

A

Hairdresser cleaner taxi driver bank

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12
Q

What is the definition of durable

A

He’s a good and services which last for a long period of time

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13
Q

Give examples of durable items

A

Car computer fridge washing machine

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14
Q

Is the definition of non-durable

A

These goods and services are single use items

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15
Q

Give examples of non-durable items

A

Newspaper cinema ticket meal

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16
Q

What are the four factors of production

A

Capital enterprise land labour

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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)

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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)

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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)

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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)

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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

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22
Q

What is the process stage

A

At the process stage business transforms the role materials into the goods or services.

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23
Q

What is the process stage

A

At the process stage business transforms the role materials into the goods or services.

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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

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25
Q

What is the business cycle

A

The process of businesses using factors of production to produce goods and services that will satisfy the needs and wants of consumers

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26
Q

What is in the business cycle

A
  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.
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27
Q

What is an entrepreneur

A

You entrepreneur is the person who brings together the workers, the natural and the man-made resources to produce goods and services

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28
Q

Where does an entrepreneur is money come from

A

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.

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29
Q

Why entrepreneurs risktakers

A

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

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30
Q

Give examples of entrepreneurs

A

Bill Gates and Microsoft

Richard Branson and virgin

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31
Q

What is the definition of industrial sector

A

A group of organisations which produce a similar type of goods or service

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32
Q

What are you different industrial sectors

A

Primary secondary tertiary

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33
Q

What is the primary sector

A

Primary sector organisations are responsible for extracting from the earth for the raw materials needed for the Input stage of production

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34
Q

Examples of primary sector

A

Farming Oil exploration fishing forestry

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35
Q

What is the secondary sector

A

Secondary sector organisations are responsible for manufacturing goods using The raw materials from the primary sector

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36
Q

Examples of secondary factors

A

Call manufacture furniture maker use paper computer manufacture

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37
Q

What is the tertiary sector

A

Tertiary sector organisations are responsible for providing services this includes sales of goods from the secondary sector

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38
Q

Examples of tertiary sector

A

Salespeople hairdressers banks lawyers

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39
Q

What are the main factors which make businesses different from each other

A

Business size
economic sectors
Objective
sector of industry

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40
Q

What are the three main sizes of businesses

A

Small medium large

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41
Q

How many workers are in a small business

A

Between one and 50 workers

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42
Q

How many people are in a medium sized business

A

50 to 250 workers

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43
Q

How many people in a large business

A

More than 250 workers

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44
Q

What is the economic sector

A

The term economic sectors describes a group of organisations which are set up and run by their owners for similar purpose

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45
Q

What are the three different economic sectors

A

Public sector private sector third sector

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46
Q

Describe public sector organisations

A

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

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47
Q

Examples of public-sector organisation

A

Healthcare education emergency services transport

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48
Q

Describe private sector business

A

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

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49
Q

Give the three types of private sector

A

So trader partnership private limited company

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50
Q

What are Raw Material

A

These are the parts that have to be put together to make the good or service

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51
Q

What is a production chain

A

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

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52
Q

Advantages of so trader

A

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

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53
Q

DisAdvantages of a sore cheater

A

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

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54
Q

What are unlimited liability

A

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

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55
Q

Main features of a partnership

A

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

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56
Q

Advantages of partnerships

A

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)

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57
Q

What are the disadvantages of partnership

A

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

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58
Q

Main features of private limited companies

A

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

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59
Q

Advantages of private limited companies

A

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

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60
Q

What is the definition of limited liability

A

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

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61
Q

Disadvantages of private limited company

A

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

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62
Q

Describe Third sector businesses

A

Consists of non-governmental organisation which have been set up to provide goods and services to benefit special groups that need special assistance

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63
Q

two things in 3rd sector businesses

A

Charity ,social enterprise

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64
Q

What charities

A

Charities organisations which have been set up for the sole purpose of providing public benefit

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65
Q

Give examples of charitable purposes

A 
Poverty
Education
Religion
Health
Human right
Equally
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66
Q

How do you charities make money

A

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

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67
Q

Who are charities managed by

A

Charities will have volunteer and paid employees who are managed by a group of managers known as trustees

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68
Q

Features of a social enterprise

A

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

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69
Q

Give examples of objectives

A

Profit maximisation
GrowTh
Survival
Maximise customer satisfaction

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70
Q

What is profit maximisation

A

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

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71
Q

What is growth

A

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

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72
Q

What is survival

A

For some small firms this is the most important objective they want to avoid having to close being taken over by bigger firms

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73
Q

What is maximise customer satisfaction

A

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

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74
Q

Common objectives for public sector

A

Customer satisfaction enterprise provider service

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75
Q

Common objectives for private sector

A

Maximise profit survival consumer satisfaction market share enterprise

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76
Q

Common objectives for third sector

A

Social responsibility customer satisfaction marketshare Enterprise

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77
Q

What is a grant

A

Money available from government to help businesses set up

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78
Q

Duration of grants

A

Short-term

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79
Q

Advantages of grants

A

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

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80
Q

Disadvantages of grants

A

One off payments that once received are not usually repeated
sometimes difficult to receive

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81
Q

What is Hire purchase

A

Often used to obtain equipment for vehicles

the cost plus interest is paid in equal instalments over a set period of time

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82
Q

Duration of hire purchase

A

Short-term

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83
Q

Advantages of higher purchase

A

The cost of spread making the item easier to afford

a fixed repayment help with budgeting

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84
Q

Disadvantages of hire purchase

A

Items are owned by the higher purchase company until the last instalment is paid

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85
Q

What is an overdraft

A

faculty at the bank to Overdraw on your account

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86
Q

Duration on overdraft

A

Short term

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87
Q

Advantages of overdraft

A

Can be agreed in advance and for many friends are permanent facility can be available

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88
Q

Disadvantages of overdraft

A

Interest rates can be quite high

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89
Q

What are retained profits

A

Keeping profit from here to be used in the next year to expand et cetera

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90
Q

What is a duration of retained profits

A

Short-term

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91
Q

Advantages of retained profit

A

Profits can be kept back from previous years could be used to purchase assets

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92
Q

Disadvantages of retained profits

A

Companies that self financing retained profits often find it difficult to grow at a speed they would like

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93
Q

Hello what are trade credit

A

Your suppliers give you time to pay

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94
Q

What is adjudication of trade credit

A

Short term

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95
Q

Advantages of trade credit

A

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

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96
Q

Disadvantages of trade Credit

A

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

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97
Q

What are Bank loans/mortgages

A

Borrowing money from the bank to finance improving cash flow within the business

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98
Q

What is the duration of B Bank loans and mortgages

A

Long-term

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99
Q

Advantages of bank loans and mortgages

A

Budgeting and planning is easier as many payments are made in regular instalments

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100
Q

Dis advantages of bank loans and mortgages

A

You have to repay the amount borrowed Plus interest

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101
Q

What is share issue

A

Increasing amount of money available to the business very selling shares in the business

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102
Q

What is the duration of the share issue

A

Long time

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103
Q

Advantages of share issue

A

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

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104
Q

Disadvantage of share issues

A

The cost of issuing shares can be expensive and it is difficult to estimate an appropriate selling price of shares

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105
Q

Give examples of message to obtain finance

A

Grants overdraft mortgage bank loans

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106
Q

Impact of poor customer Service

A

Decreased sales
Poor reputation
Poorly motivated staff
Problems with recruitment

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107
Q

Reasons for poor customer service

A

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

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108
Q

How to improve customer satisfaction

A 
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
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109
Q

Why is customer satisfaction important in a business

A

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

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110
Q

Main features of a sole trader

A

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

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111
Q

What are the three internal factors

A

Finance
Human Resources
Technology

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112
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

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113
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

116
Q

What are the three internal factors

A

Finance
Human Resources
Technology

117
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

118
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

121
Q

What are the three internal factors

A

Finance
Human Resources
Technology

122
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

123
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

126
Q

What are the three internal factors

A

Finance
Human Resources
Technology

127
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

128
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

131
Q

What are the three internal factors

A

Finance
Human Resources
Technology

132
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

133
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

136
Q

What are the three internal factors

A

Finance
Human Resources
Technology

137
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

138
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

141
Q

What are the three internal factors

A

Finance
Human Resources
Technology

142
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

143
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

146
Q

What are the three internal factors

A

Finance
Human Resources
Technology

147
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

148
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

151
Q

What are the three internal factors

A

Finance
Human Resources
Technology

152
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

153
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

156
Q

What are the three internal factors

A

Finance
Human Resources
Technology

157
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

158
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

161
Q

What are the three internal factors

A

Finance
Human Resources
Technology

162
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

163
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

166
Q

What are the three internal factors

A

Finance
Human Resources
Technology

167
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

168
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

171
Q

What are the three internal factors

A

Finance
Human Resources
Technology

172
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

173
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

176
Q

What are the three internal factors

A

Finance
Human Resources
Technology

177
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

178
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

181
Q

What are the three internal factors

A

Finance
Human Resources
Technology

182
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

183
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

186
Q

What are the three internal factors

A

Finance
Human Resources
Technology

187
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

188
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

191
Q

What are the three internal factors

A

Finance
Human Resources
Technology

192
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

193
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

196
Q

What are the three internal factors

A

Finance
Human Resources
Technology

197
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

198
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

201
Q

What are the three internal factors

A

Finance
Human Resources
Technology

202
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

203
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

206
Q

What are the three internal factors

A

Finance
Human Resources
Technology

207
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

208
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

211
Q

What are the three internal factors

A

Finance
Human Resources
Technology

212
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

213
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

216
Q

What are the three internal factors

A

Finance
Human Resources
Technology

217
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

218
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

221
Q

What are the three internal factors

A

Finance
Human Resources
Technology

222
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

223
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

226
Q

What are the three internal factors

A

Finance
Human Resources
Technology

227
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

228
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

231
Q

What are the three internal factors

A

Finance
Human Resources
Technology

232
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

233
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

236
Q

What are the three internal factors

A

Finance
Human Resources
Technology

237
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

238
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

241
Q

What are the three internal factors

A

Finance
Human Resources
Technology

242
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

243
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

246
Q

What are the three internal factors

A

Finance
Human Resources
Technology

247
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

248
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

251
Q

What are the three internal factors

A

Finance
Human Resources
Technology

252
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

253
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

256
Q

What are the three internal factors

A

Finance
Human Resources
Technology

257
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

258
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

261
Q

What are the three internal factors

A

Finance
Human Resources
Technology

262
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

263
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

266
Q

What are the three internal factors

A

Finance
Human Resources
Technology

267
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

268
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

271
Q

What are the three internal factors

A

Finance
Human Resources
Technology

272
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

273
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

276
Q

What are the three internal factors

A

Finance
Human Resources
Technology

277
Q

How does finance affect a business

A

Business cannot expand if they do not have the money therefore the objective of growth cannot be achieved

278
Q

How do Human Resources affect a business

A

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
Q

How does technology affect a business

A

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
Q

What are internal factors

A

These are things inside of a business that affects the way it operates

Nat5 Business (3 decks)

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