Business quiz - BUSINESS OBJECTIVES

Why do business objectives change over time?

• In response to internal factors, such as business growth, or in response to external factors, such as an economic recession.

• A business objective changes if the goal is too hard

What are the Main internal and external stakeholders

• Owners, workers, managers, consumers, entire community, banks

• Neighbors, doctors, clowns, farmers

What are some conflicts of stakeholders and business' objectives?

• The interests of different stakeholder groups can brew conflict

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• when the decisions are opposite to the interests of the above stakeholders. They may then attempt to use their power and political influence, to discredit the decision.

What is scarcity

• When a business has too many recources

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• A lack of resources

What is opportunity cost

• Businesses going bankrupt

• When a business loses money from an opportunity

• The loss of another thing when one alternative is chosen.

What is Division of labour

• When the production process is split up into different tasks and each worker performs one of these tasks. It is a form of specialisation.

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• Combines factors of production to make products (goods and services) which satisfy people's wants.

• Provides services to customers and other sectors of industry.

What is capital

• Money invested into business by owners.

• A person who organises, operates and takes the risk for a new business venture.

• Document containing the business objectives and important details about the operations, finance and owners of the new businesses.

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Internal Growth

• When a business takes over or merges with another business.

• One business buys out the owners of another business which then becomes part of the 'predator' business

• When a business expands its existing operations.

What is a Sole Trader

• When a business takes over or merges with another business.

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• Business owned by one person

• A form of business in which two or more people agree to jointly own a business.