-Provides goods and services from limited resources to satisfy unlimited wants.
- Scarcity results from limited resources and unlimited wants.
- Choice is necessary for scarce resources. This leads to opportunity costs.
- Specialisation is...
In smaller businesses, if employees have any problems they can talk directly to their employer. However, in larger businesses that employs many people, it becomes extremely hard to do so. It is also hard for the Human Resources department to make...
Any business should find out what people want to buy and how many people are going to buy that product before producing a product since the chances of failing are very high. Usually, market research try to answer these questions: What feature...
Organisational structure refers to the levels of management and division of responsibilities within a business, which could be presented in an organisational chart. For simpler businesses in which the owner employs only himself, there is no need...
Businesses need finance, or money, to pay for their overhead costs as well as their day to day and variable expenses. Here are three situations when businesses need finance the most: Starting a business: Huge amounts of finance is needed to start...
Businesses cannot survive by neglecting the "real world", which includes influences that forces a business to make certain decisions or constraints that limits or controls actions. External constraints are things that businesses cannot control,...
CBSE NCERT Solutions for Class 12 Business Studies Subject chapters
