2444978
Description
Mind Map by Alexis Skinner, updated more than 1 year ago
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Created by Alexis Skinner
over 9 years ago
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Business Management (Higher)
- Business in a Contemporary Society
- Role of Business in Society
- Wealth Creation
- Production & Consumption of goods and services
- Good = Things we
can touch
- Services = Things
done for us
- Services = Things
done for us
- Durable Goods =
Things we can use
again ex. computers
- Non Durable Goods =
Only one use ex. food
- Consumption =
Using up
- Good = Things we
can touch
- Satisfaction of Wants
- This constant creation of new wants stimulates
business to supply more goods and services, and so
we have this cycle of new wants and new
production.
- This constant creation of new wants stimulates
business to supply more goods and services, and so
we have this cycle of new wants and new
production.
- Sectors of Activity
- Factors of Production
- Sectors of
Industrial Action
- Factors of Production
- Wealth Creation
- Types of Business Organisations
- Self - Employed - Sole
traders or Partnerships
- Sole
Trader
- Advanatges
- Simple to set up
- Make all the decions
- Simple to set up
- Disadvanatges
- Borrowing from
bank, difficult
- Unlimited liabliltiy
- Can loose evrything
- Can loose evrything
- Borrowing from
bank, difficult
- Advanatges
- Partnerships
- Advanatges
- shared responsibility
- More money
invested
- shared responsibility
- Disadvantages
- Unlimited Liability
- Arguments
- Unlimited Liability
- Advanatges
- Sole
Trader
- Private Limited Company (Ltd) &
Public Limited Company (Plc)
- Requires Registration
- Minimum of 2 SHAREHOLDERS.
Profit is shared in the form of
DIVIDENDS
- Advantages
- Limited Liability
- Only Loose what they invest
- Only Loose what they invest
- Less risk of Liqudation
- Limited Liability
- Disadvantages
- Registering = Competitiors
can see information
- Cost in setting up in Admin Fee's.
- Registering = Competitiors
can see information
- Requires Registration
- Voluntary Sector
- Registered
- Have Objectives: To relieve
poverty, to advance Education,
To advance religon and benefit
the Community
- To help people, NO PROFIT
- Registered
- Charity
- Publicy-Funded Organisation
- Multinationals
- Advantages
- Governemnts entice them to open
- Lower wage rates =
Lower production cost
- Governemnts entice them to open
- Disadvantages
- Legislations may
be different
- Currency may be weak =
Profits converted into a
good rate
- Legislations may
be different
- Globilasation (International
Trading)
- Benefits
- Larger Market
- Develop an International Brand
- Larger Market
- Constraints
- Competition from others
- Language difficulties
- Competition from others
- Benefits
- Advantages
- Self - Employed - Sole
traders or Partnerships
- Role of Business in Society
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