Majorly, the purpose of a business is to gain profit, hence expansion is inevitable. However, while expanding a business might face many problems. Usually, businesses try to expand as quickly as possible, and face diseconomies of Scale, which are the ...
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Ways to Grow a Business
anusheThe growth of a business is either internal or external. Internal growth occurs when a business expands its existing operations, however external growth is when a business takes over or merges with another business. An example of internal growth would ...
Methods of Measuring Size
anusheCommonly,the size of a business is measured by the number of employees hired, value of output, value of sales and value of capital used for production. A growing business always experiences a major changes in all these sectors. Once a ...
Sectors Of Business Activity.
anusheA business is divided between three sectors; primary, secondary and tertiary. Each sector deals with a section of a business. The primary sector is smallest one, dealing with the extraction of natural resources, e.g mining. However, the secondary sector deals ...
Needs, Wants and Scarcity.
anusheThe concept of needs, wants and scarcity is the basis of Business Activity. Their is a slight difference between needs and wants. Needs are essential things one needs to survive, yet wants are the things that people believe they need ...
Value Added Concept
anusheIn the business world, the value added concept explains a basic feature of a business.This concept explains that a primary product can be sold for a higher price after some advancements are made to it. For example, if you buy ...
Purpose Of Business Activity
anusheIn our daily lives, business activity holds immense importance, as it is the process of providing goods and services to people. In a manner, our lives are based on business activities.In a business activity, both private and public enterprises are ...