Economics 2
- Created by: Gabrielle
- Created on: 29-12-13 15:59
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- Business Decision Making
- Scarce Resources mean decisions have to be made
- Involves costs and benefits
- Value for money - satisfaction is greater than value
- Investment Decisions
- plant, equipment, buildings, land) – with a view to future returns
- Consumption Decisions
- (human resources, raw materials, supplier choice
- Growth and Expansion
- Internal or External growth
- Acquiring and keeping customers - involves costs
- Factors of Production
- Land
- Labour
- Capital
- Enterprise
- Capital
- Labour
- Land
- External Environment
- Political
- Environmental
- Social
- Technological
- Legal
- Economic
- Legal
- Technological
- Social
- Environmental
- Political
- Stakeholder Value
- cash and reputation
- Scarce Resources mean decisions have to be made
- Investment Decisions
- plant, equipment, buildings, land) – with a view to future returns
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