are three different types of economic systems for allocating resources‚ a pure command economy‚ a mixed economy and free market economy as said by Griffiths & Wall (2011) A pure command economy‚ in which “government not markets allocate the scarce resources of land‚ labour and capital” (Griffiths & Wall‚ 2011‚ p.33). Plans are drawn up by the government and prices are determined by the government. A mixed economy‚ which uses both “markets and government intervention to allocate the scarce resources
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behaviour of organisations in their market environment 3. 3-1 Explain how market structures determine the pricing and output decisions of business 3-2 Illustrates the way in which market forces shape organisational responses using a range of example 3-3 judge how the business and cultural environment shape the behaviour of a selected organisation L04 ------------------------------------------------- Be able to assess the significance of the global factors that shape national business
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The purpose of business activities(prepared by Lincoln Henry) Business is the production of goods or provision of service with the aim of making a profit. Production – is the process of transferring raw materials into semi – finish of finish goods. Provision – making something available. Good – is a tangible item that one can see‚ touch and that is portable. Service – is intangible‚ it is something that one can experience and enjoy. Profit – profit is cost of production minus sales
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Discuss the desirability of the worldwide movement towards the market economy and away from the planned economy. Globally‚ compared with command economy‚ market economy has proved more successful in raising living standard‚ economic growth and economic efficiency. Here comes the question that to what extent shall we move from planned economy to market economy. Market economy is an economic system‚ which resolves the basic economic problem mainly through the market mechanism and limit government
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produce and distribute these relatively scarce resources. The basic economic problem can be define as what to produce‚ how much to produce and for whom to produce. Some countries are lucky to have great natural resources‚ whilst others do not. For example Africa and South America have little marketable resources. That means there are uneven distributions of resources. Sometimes suppliers have issues with shortage and surplus. A shortage is to do with the relationship between the amount the supplier
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ASSESSMENT COVER SHEET Unit Number and TitleAssessment TitleCourse TitleAssessment Code | Unit1 Business EnvironmentUnderstanding the Business EnvironmentHND Business HNDBUSCoreUnit1/Jan2013/ | Hand Out Date | 1st March 2013 | Hand In Date | 11th May 2013 | Lecturer(s) | GidraphMichikuAnujaPrasharVijay ShahDaniel RukareDhanChooramunJane EvansAdrian GauciMohit PunMichael Evans SohailChoudhurySalman Khalid | Internal Verifier | Jonathan Cartmell | Sources of information | 1. Course notes
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Question 1 2.5 out of 2.5 points A centrally planned economy most often refers to an economic system that is under comprehensive control and regulation by a government in accordance with the plan of economic development. Answer Selected Answer: True Question 2 0 out of 2.5 points The current account‚ sometimes called the financial account‚ is the sum of every nation’s gross income from trade in goods and services. Answer Selected Answer: True Question 3 2.5 out of 2
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BTEC HND IN BUSINESS (FINANCE) ASSIGNMENT COVER SHEET | NAME OF STUDENT | | REGISTRATION NO. | | UNIT TITLE | Unit 1: Business Environment | ASSIGNMENT TITLE | Organisations in their Environment | ASSIGNMENT NO | 1 of 2 | NAME OF ASSESSOR | Jubred A. Peñano | SUBMISSION DEADLINE | November 20‚ 2012 | ------------------------------------------------- ------------------------------------------------- I‚ __________________________ hereby confirm that this
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government needs to be structured to benefit its people with security and‚ freedom only one economic system comes to mind. Democratic socialism provides the stability of a command system with the opportunity and‚ the free consumer market of a market economy. This combination is most ideal for countries all around the planet. Countries sponsor governments all over the world that take rights away of its people for in return what they call social programs and freedom but really it’s simply economic
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Introduction Business environment is the combination of all centralized and peripheral aspects that affects a corporation. Both external and centralized aspects can repercussion each other and endeavor together to influence a corporation. The business environment includes some elements like clients and suppliers‚ competition and owners‚ technology‚ government initiatives and market‚ social and economic trends. The internal factors are that impact the approach and success of the company’s operations
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