1.1 Nature of Business Activity Factors of Production Land … all the natural resources Labour … all the human effort (physical and mental) Capital … the manufactured resource used in the production process Enterprise … the unique ability certain people have in organising factors of production Combining the factors Labour Intensive Capital Intensive Division of Labour and Job Specialization Benefits Increased Production Lower Costs Efficiency Standardization
Premium Industry Economics Management
Background Sunflower Nutraceuticals (SNC) “started as an internet-based‚ direct-to-consumer distributor and retailer of dietary supplements‚ including vitamins‚ minerals‚ and herbs for women‚ with product offerings for all age groups”. (Harvard Business School Publishing‚ 2012). The company was founded in 2006‚ and SNC has expanded their operation into several new retail outlets. They found success when they introduced their own brand of sports drinks‚ metabolism-booster posers and vitamins for
Premium Accounts receivable Dietary supplement Accounting software
The Impact of Change “As humans develop‚ they must continually adapt to change‚ on a personal‚ social‚ and societal level.” (p. 6) Whatever experience one has affects their view on life‚ since change is inevitable we have to choose which way the experience will shape the positive and negative parts of our personality. When a child undergoes a fundamental change at home‚ at school or in any of their other Microsystems; they take that memory‚ skill or value along with them. This is why a child’s
Premium High school Extracurricular activity
BUSINESS ECONOMICS Assignment 1 Case study: Mintel batteries report a) What happened to sales of batteries in the period 2004-8? Provide a quantitative estimate. How do you explain the fact that over that period the amount of batteries sold increased whereas the value of sales declined? From figure 20 we can see that the volume of sold batteries from 2004 (584 million batteries) to 2008 (611 million batteries)
Premium Supply and demand Price elasticity of demand Marketing
The Economic Structure of OPEC For: Professor John Zink BUS 610-0703B Economics for the Global Manager By: Maria A. Journiette August 31‚ 2007 Many companies operate under a monopoly which gives them an edge or a corner on the market. In this discussion we will focus on the differences between a monopoly‚ oligopoly‚ and a cartel. We will also look at what game theory is and its affect on monopolies and cartels and the welfare affect of each of the above mentioned. A monopoly is defined
Premium Petroleum Cartel Monopoly
economic activities Sector The primary sector of the economy extracts or harvests products from the earth. The primary sector includes the production of raw material and basic foods. Activities associated with the primary sector include agriculture (both subsistence and commercial)‚ mining‚ forestry‚ farming‚ grazing‚ hunting and gathering‚ fishing‚ and quarrying. The packaging and processing of the raw material associated with this sector is also considered to be part of this sector. In developed
Premium Economy Tertiary sector of the economy Industry
GlaxoSmithKline Impacts of Economic changes on Business Formed in the year 2000 when companies GlaxoWellcome plc and SmithKline Beecham plc merged and has since developed into a world leading Pharmaceuticals Company‚ GlaxoSmithKline. GSK are ranked number three in the world in terms of revenues. Headquartered in the United Kingdom‚ London the company deals in pharmaceutical‚ biologics‚ vaccines and other forms of consumer healthcare. The company has a range of products that cover major disease
Premium Inflation
Industries are classified into four different market structures. They are perfect competition‚ monopolistic competition‚ oligopoly and monopoly. Each of these has different characteristics regarding the number of firms involved to the type of product they make. Different methods and restrictions are used to maximize profits in all markets of the economy. Brand management and advertising are two tools that firms used to differentiate their products. The main objective of brand management is
Premium Economics Monopoly
Q.5.1 a) Figure 1: Where there is a threat of bird flu which is a deadly disease spreading among chickens‚ the demand for chickens will decrease and the demand curve will shift to the left as shown in the figure 1. As a result‚ the equilibrium market price will decrease from P1 to P2 and the equilibrium market quantity will decrease from Q1 to Q2 in the short run. Q.5.1 b) Figure 2: As the poultry in country X is perfectly competitive with the supply of chicken coming from
Premium Economics Supply and demand Microeconomics
Changes in Family Structure During the past few decades there have been major changes in the structure of the family. A family used to be represented by a married couple with children‚ generally of the same race and living under the same roof. The traditional family was known for its stability and unmarried people were considered to live a life of loneliness. Numerous people today still believe that the nuclear family is the best for raising children and even the media and television portray
Premium Family Marriage Same-sex marriage