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5 Cards in this Set
- Front
- Back
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Describe the factors of production (4 marks) |
A: Businesses have to decide which method of production to use to make their products. They have to think carefully about how to turn their inputs into outputs. There are different factors to think about such as - • The actual product being made. • The quantity of the product that needs to be made. • The way stock is managed. • The resources available (eg staff and Machinery).
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Explain the importance of good customer service (2 marks) |
A: The importance of good customer service is that customers are very important to a business because they give the business money in return for receiving a good or a service. Every business has to make sure their customers are as happy as possible so that they return and tell there friends and family about your business to gain more customers. |
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Describe the advantages and disadvantages of setting up a business as a sole trader (4 marks) |
A: |
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Describe 2 internal factors (2 marks) |
A: |
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Describe the advantages and disadvantages of working with additional partners in a business (4 marks) |
A: |
