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Business Studies Summary Complete Prelim
Business Studies
17 Pages • Complete Study Notes • Year: Pre-2021
Topic 1- Nature Of Business The importance of businesses The function of business in creating value/benefit A business is an organization that buys and sells goods, makes products or provides services. Business enterprises undertake many activities to provide the products demanded by customers, however, the most important activity is production. The management of the business, organizes all aspects of running the business including choosing a particular product or service Production Refers to those activities undertaken by the business that combine the resources to create products that satisfy customer needs and wants. All products are made from a combination of the following three ingredients: National Resources (raw materials) Capital Resources (machinery and technology) Labour Resources (human skill and effort)
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