4 factors of production
labour
land
capital
enterprise
name three production processes
job - one at a time
batch - multiple at once
flow - creating multiple identical products continuously.
two methods of achieving good quality.
quality control
quality assurance
three types of ways a business interacts with customers;
telesales
face to face
e commerce
3 main rules of consumer act 2015:
as described
fit for purpose
satisfactory quality
affects of consumer law on business
cost and inconvinence of refunds
court - costly
harmed reputation
lower profit
what should a business consider when choosing the location for a business.
proximity to market
costs
proximity to suppliers
local competition
transportation links
what is procurement?
how a business buys or purchases it’s supplies and services
what is a supply chain?
refers to the activities, people and resources needed to get the product to the customer.
what does logistics relate to?
the transportation and management of supplies.
