wants. 2) An incentive A) could be a reward but could not be a penalty. B) could be a penalty but could not be a reward. C) could be either a reward or a penalty. D) is the opposite of a tradeoff. 3) An inducement to take a particular action is called A) the marginal benefit. B) the marginal cost. C) opportunity cost. D) an incentive. 4) All economic questions arise because we A) want more than we can get. B) want more than we need. C) have an abundance of resources. D) have
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Unit 37- P1 Report In this report I will be talking about how my chosen organisation‚ which is Primark‚ uses ethical issues to consider in its every day operational activities. Primark may not have some ethical issues that I will be discussing about in this report‚ but I will talk in detail about how they could use them‚ issues in their business. I will be explaining how Primark’s way of selling affects ethical issues and will be discussing about the things they need to be aware of whilst selling
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Finance: Refers to the funds required to carry out the activities of the business. Critical issue for entrepreneurs: 1. Need to consider the financial concerns for business 2. Need to determine most appropriate source Questions to consider: How much debt can the business afford? How much do I need or expect from the business? How much will it cost to start the business? What financial success have other similar business achieved? What funds o I have available and what will I need to acquire
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UNIT 16 P1/M1 INTERNAL PLANNING FACTORS EXPLANATION Why it is important? ORGANISATIONAL NEEDS The priority concerns and requirements of an Organization’s customers and stakeholders. The state of organization performance in relationship to its mission and goals The state of knowledge and ability of organization employees The workforce needs to be able to adapt to changes. Changes in a business happen very regularly and it can affect the way a business is run. Internally
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that they get regular customers by giving them loyalty cards‚ promotions such as “buy one get one free”‚ discounts and other special offers. Tesco are getting regular customers which bring in more profit which then can be used to help expand the business. Tesco made customer loyalty marketing work when so many other retailers failed. They give vivid insights into how Club card benefits Tesco and more importantly‚ its customers. Customers demand cheaper products so local and national stores such
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will be talking about key stakeholders who influence the purposes of two businesses‚ the business I have chosen are Tesco and Asda. Also I will be talking about the interest of owners‚ customers‚ suppliers‚ employees‚ trade unions and shareholders have in the businesses. Another point I will be talking about is why business have to consider local communities and pressure groups when operating their business. Tesco and Asda key Stakeholders are; Customers: Customers want good quality products
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M1 Unit 2 business In this document I am going to be discussing the differences and the similarities between the business aims and objectives of a restaurant and a charity and explain why they are different. The restaurant The aims of the restaurant are to make money and the business will then put back any money into the business to make it expand and also to pay wages. The restaurant also wants to be serving high quality food to maximize profit‚ an objective for the restaurant is too break
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Unit 1 Business Environment; Task P1 In this assignment I will describe the type of business‚ purpose and ownership of two contrasting organisations. My two chosen contrasting businesses are ASDA and Oxfam. ASDA is a British supermarket chain which retails food‚ clothing by George‚ toys ‚ car wash and general merchandise such as electrical products and cooking appliances. ASDA also have branched out into telecommunications with a mobile network called ASDA mobile. ASDA is Wal-Mart’s largest
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taking key information from each other and using it to do their job. Human resources department In Tesco human resources department is known as the personnel. There job is to do many things such as hiring employs for the company‚ control employee benefits‚ control promotion and pay rises and give warnings and layoffs. Overall the human
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BTEC National in Business Unit 1- The Business Environment Assignment 1 – Types of Businesses Task P1 The BBC is the largest broadcasting organisation in the world. Its mission statement is to enrich people lives with programs that inform‚ educate and entertain. The BBC has the second largest budget of any UK broadcaster with an operating expenditure of £4.23 billion in 2009/2010. The only UK broadcaster with a larger operating expenditure is British Sky Broadcasting with £5.9 billion (http://en
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