WHAT IS BUSINESS “A” Level THINK OF A FIRM, WHAT DOES IT DO …………………………………………………?
It makes a product
with labour and/or computers to
(PRODUCTION)
make a cheap or quality product
It sells the product
e.g. pricing, advertising
(MARKETING)
It tries to be profitable
Its account will show this
(ACCOUNTING)
e.g. Balance sheets, budgets
It uses STATISTICS to examine businesses
It manages people
e.g. simulations. decision trees cash flows pie charts
to motivate the firm
(PERSONNEL)
It studies the
ECONOMY
e.g Government policy Public sector cuts Recession The Law