Business Managment (copy)

economic factors of production

The ________ are labour (employment), land /nature and capital.

Perishable

________: The service relevant resources are assigned for service delivery during a definiteperiod in time.

Simultaneous

________: Services that are are rendered and consumed during the same period of time.

Rights Legally

________ is a secured right to produce (or sell) a particular good (under a particular.

value system

A(n) ________ is the network of organizations and the value producing activities involved in the production and delivery of an offering.

Gratification

________: the elimination of a craving or a desire to seek relief from a perceived or real depravation.

basic shelter

Existence needs are the needs that are necessary to secure human life, such as food, clothing and ________.

Elective needs

________ are a variety of different needs which are not immediately necessary for life.

Minimum principle

________ (Minimization): A given result achieved with the lowest possible use of resources.

scarce resources

Economics is about managing ________ to meet unlimited needs.

economic goods

Production: A firm produces ________.

Consumer goods

________: Used by households (consumers)

Tangible goods

________: Goods that can be touched Eg.

Services Goods

________: are consumed as they are produced.

Gratification

the elimination of a craving or a desire to seek relief from a perceived or real depravation

The ‘make or buy decision

which activities to do ‘in-house and which to outsource

Partnering

deciding who to work with and the nature of these relationships

needs that are necessary to secure human life, such as food, clothing and basic shelter

Existence needs

Instead, the goal is to achieve or exceed a general standard of living

Elective needs

Need

Feeling that something is missing

Want

Need aligned with will to act on it

Demand

Want becomes operational in the market

Supply

A firm supplies goods to the market

Production

A firm produces economic goods

INDIVIDUAL NEEDS

Each individual decides when and in what order to satisfy given needs

Collective needs

The more individuals who want to satisfy similar needs, the greater the problem for society

Free Goods

Unlimited Free Eg

Economic goods

Limited availability (scarce) Not free Eg

Tangible goods

Goods that can be touched Eg

Intangible

goods Goods that cannot be touched Eg

Consumer goods

Used by households (consumers)

Capital goods

Used by enterprises

Services Goods

are consumed as they are produced

Perishable

The service relevant resources are assigned for service delivery during a definiteperiod in time

Cocreated

Product that is created by working with one or more others service, provider

Simultaneous

Services that are are rendered and consumed during the same period of time

Unique

A service that is one-time generated, rendered and consumed and can never be exactly repeated

value added

the amount by which the value of an article is increased at each stage of its production, exclusive of initial costs

Value Chain

the categories of activities within an organisation, which, together, create a product or service

Uses of Value Chain

A generic description of activities, Identifying activities where the organisation has particular strengths or weaknesses, Analysing the competitive position of the organisation, identifying sources of sustainable competitive advantage, Looking for ways to enhance value or decrease cost in value activities (e.g

Minimum principle (Minimization)

A given result achieved with the lowest possible use of resources

Maximum principle (Maximization)

Produce the maximum possible result with a given allocation of resources