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IGBizStudies
Jun 23, 20214 min read
What are the different business organization types and its form
What are the types of business organisation and its form
4530
IGBizStudies
May 1, 20211 min read
What is the purpose of business activity?
To combine and organise scarce productive resources to produce goods and services to fulfil the needs and wants of consumers
4930
IGBizStudies
May 1, 20212 min read
What is a business plan and its importance
A business plan is a document that contains information on how to start and run a business
1600
IGBizStudies
May 1, 20212 min read
Why do businesses fail?
Poor entrepreneurial skills, lack of planning and research, failure to obtain financing, wrong location for the business
1140
IGBizStudies
Apr 30, 20212 min read
What are the advantages and disadvantages of different business organization types and forms
What are the difference between an incorporated and unincorporated business entity and different forms of businesses
7610
IGBizStudies
Apr 30, 20211 min read
How does government support businesses
Grants, tax incentives, low-cost loans, facilities or rental free premises and training support
1120
IGBizStudies
Apr 30, 20211 min read
Why should governments support businesses?
Because it encourages economic growth, reduce unemployment, increase competition while ensuring price stability and balance of payment
920
IGBizStudies
Apr 30, 20212 min read
Why should a business grow?
Business growth is a key business objective
790
IGBizStudies
Apr 29, 20212 min read
How to measure the size of a business?
Size of capital employed, market share, revenue/output volume, number of employees
2,6210
IGBizStudies
Apr 28, 20212 min read
What are business objectives?
The key business objectives are profit, market share, growth and survival
1830
IGBizStudies
Apr 28, 20212 min read
How are businesses classified?
By primary, secondary or tertiary sectors
1360
IGBizStudies
Apr 28, 20211 min read
What are industrial structures?
Industrial structures are determined by the different sizes of the industrial sectors in the national economy.
1060
IGBizStudies
Apr 28, 20211 min read
Private Sector vs. Public Sector
What is private and public sector?
590
IGBizStudies
Apr 27, 20211 min read
What is value added?
The difference between the product price and cost of materials or resources used to produce it.
2020
IGBizStudies
Apr 27, 20212 min read
What is opportunity cost
Opportunity cost happens when we forgo an alternative activity or use of resources to produce goods and services. The benefits from...
1070
IGBizStudies
Apr 27, 20212 min read
What is specialization?
Producing one or very few products to maximize productivity with limited resources
1010
IGBizStudies
Jan 20, 20211 min read
Who are entrepreneurs?
A person takes risk and makes decision to organise resources to produce goods and services
990
IGBizStudies
Jan 18, 20211 min read
UNIT 1 - UNDERSTANDING BUSINESS ACTIVITY
Understand and classify business activities, their different types of organisation and stakeholders, how they grow and their objectives
8070