ANALYSIS -522- SPRING 2010 Q. 1 DISCUSS IN DETAIL THE TERM ECONOMIC RESOURCES WITH REFERENCE TO SERVICE INDUSTRY. EXPLAIN THE LINK BETWEEN SCARCITY‚ CHOICE AND OPPORTUNITY COST. Ans: ECONOMIC RESOURCES are the assets (things of value) which an economy (or business) may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals (in the case of a business) and society (in the case of society as a whole.) REA (Resources‚ Events‚ Agents) is a
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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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Business Environment Introduction All businesses operate in a always changing‚ growing and in some ways unique environment. In order for a business to operate successfully in its environment‚ business need to adapt after the environment. It can mean that business have to respond to changing market conditions which affect the demend for the their products‚ how the competitors behave or the change in government policy. The business environment can be
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Political Ideologies Two major bases of ideological and conceptual disagreement over the contemporary welfare state. Since its emergence in the late 19th century‚ the notion of welfare state has largely been evolving (especially from the second part of the 20th century) and has been an object of conceptual and ideological disagreement in the field of political thought. As a system of government where the state within its social protection remit‚ a set of social policies‚ aims to guarantee a
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production‚ distribution/consumption of goods and services of an economy (Grolier). Without any of the above an economy would not become as industrialized and successful as either the United States or have the worldwide trade system Saudi Arabia maintains today. The basic economy is composed of its national factors‚ whether or not it’s a free market economy‚ command economy or traditional economy. A free market economy is an economy in which there is no economic intervention and regulation by the
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SUMMARY There are many differences between business organisations‚ beginning with the purpose and goals of an organisation. Business organisations belong to various different categories including the private‚ public and non-profit sectors. This assignment will discuss a business organisation from each of those sectors‚ outlining the purpose‚ objectives‚ and stakeholders of each. It will also discuss the different ways that global factors and market structures can impact each of those companies
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Market Economy Definition Free Market Economy is an economy ruled by the people‚ not the government. It grants freedom to producers who now only have to make what is needed and wanted‚ not what the government decides is needed and wanted. And the buyers‚ producers‚ and sellers control prices‚ with almost no government interference. Characteristics of market economy In a Free Market Economy‚ the buyers‚ producers‚ and sellers control all prices‚ with very little government interference
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# 2010 University of South Africa All rights reserved Printed and published by the University of South Africa Muckleneuk‚ Pretoria MNB1501/1/2011±2013 98629158 3B2 MNB Style Contents INTRODUCTION iv TOPIC 1: INTRODUCTION TO BUSINESS MANAGEMENT 1 STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT 2 STUDY UNIT 2: ENTREPRENEURSHIP 14 STUDY UNIT 3: ESTABLISHING A BUSINESS 30 STUDY UNIT 4: THE BUSINESS ENVIRONMENT 43 STUDY UNIT 5:
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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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Advantages Mixed economy has got the following advantages: Rapid economic development Inmixed economy both private and public sectors work side by side. The combined efforts lead to rapid economic development. The economic resources of the economy are used efficiently. Wastages of resources are minimised. Lesser inequality of income: Right to own property is granted. Law of inheritance is also applied‚ so certain members of society grow richer and richer. Public sector in the economy tries to
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