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IGBizStudies
- Jun 23, 2021
- 4 min
What are the different business organization types and its form
What are the types of business organisation and its form
2500
IGBizStudies
- May 1, 2021
- 1 min
What is the purpose of business activity?
To combine and organise scarce productive resources to produce goods and services to fulfil the needs and wants of consumers
2630
IGBizStudies
- May 1, 2021
- 2 min
What is a business plan and its importance
A business plan is a document that contains information on how to start and run a business
1100
IGBizStudies
- May 1, 2021
- 2 min
Why do businesses fail?
Poor entrepreneurial skills, lack of planning and research, failure to obtain financing, wrong location for the business
770
IGBizStudies
- Apr 30, 2021
- 2 min
What are the advantages and disadvantages of different business organization types and forms
What are the difference between an incorporated and unincorporated business entity and different forms of businesses
3730
IGBizStudies
- Apr 30, 2021
- 1 min
How does government support businesses
Grants, tax incentives, low-cost loans, facilities or rental free premises and training support
520
IGBizStudies
- Apr 30, 2021
- 1 min
Why should governments support businesses?
Because it encourages economic growth, reduce unemployment, increase competition while ensuring price stability and balance of payment
590
IGBizStudies
- Apr 30, 2021
- 2 min
Why should a business grow?
Business growth is a key business objective
650
IGBizStudies
- Apr 29, 2021
- 2 min
How to measure the size of a business?
Size of capital employed, market share, revenue/output volume, number of employees
860
IGBizStudies
- Apr 28, 2021
- 2 min
What are business objectives?
The key business objectives are profit, market share, growth and survival
1220
IGBizStudies
- Apr 28, 2021
- 2 min
How are businesses classified?
By primary, secondary or tertiary sectors
790
IGBizStudies
- Apr 28, 2021
- 1 min
What are industrial structures?
Industrial structures are determined by the different sizes of the industrial sectors in the national economy.
540
IGBizStudies
- Apr 27, 2021
- 1 min
What is value added?
The difference between the product price and cost of materials or resources used to produce it.
1170
IGBizStudies
- Apr 27, 2021
- 2 min
What is opportunity cost
Opportunity cost happens when we forgo an alternative activity or use of resources to produce goods and services. The benefits from...
660
IGBizStudies
- Apr 27, 2021
- 2 min
What is specialization?
Producing one or very few products to maximize productivity with limited resources
670
IGBizStudies
- Jan 20, 2021
- 1 min
Who are entrepreneurs?
A person takes risk and makes decision to organise resources to produce goods and services
690
IGBizStudies
- Jan 18, 2021
- 1 min
UNIT 1 - UNDERSTANDING BUSINESS ACTIVITY
Understand and classify business activities, their different types of organisation and stakeholders, how they grow and their objectives
5640