A few questions about the first chapter from the igcse business studies book: the purpose of business activity.
Operations is an essential business function, because without a product or service to sell, a business has no reason to exist operations activities will always revolve around acquiring raw resources, converting those resources into something to sell and scheduling and controlling the process of conversion.
The purpose of business activity by julia chen 1 business objective 11 this is an aim or a target to work towards 111 o make profit 1111 profit are needed to pay a return to the owners of the business.
Chapter 1 the purpose of business activity is to satisfy customers using the scarce factors of production a need is a good or service essential for living a want is a good or service that people desire, but is not essential for living the economic problem results from there being unlimited wants but limited resources. These business objectives can conflict because different people in a business want different things at different times stakeholders: stakeholders are a person or a group which has interest in a business for various reasons and will be directly affected by its decisions.
You will learn about the nature and purpose of business activity and the importance of needs, wants, scarcity, opportunity cost, specialisation and adding value you will find out how business activities are classified, for example in the private sector or public sector, and how this classification aff ects business objectives. Source: cambridge igcse business studies, 4th edition, karen borrington & peter stimpson want – it is a good or services which people would like to have but which is not essential for living.
The purpose of business activity is to satisfy customers using the scarce factors of production a need is a good or service essential for living a want is a good or service that people desire, but is not essential for living. Wwwfetsystemcom [as-level business studies section 11 revision notes] free online lectures&revision material by fet syste m page 1 purpose of business activity the purpose of business activity is to identify and satisfy the needs and wants. The income to a business during a period of time from the sale of goods or services c the difference between the selling price of a product or service and the cost of inputs such as materials and components.