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Unit 1 by Mind Map: Unit 1

1. Buissness activity

1.1. Needs

1.2. Unlimited wants&limited resources

1.2.1. Scarcity

1.3. Wants

1.4. Factors of production

1.4.1. Land

1.4.2. Labour

1.4.3. Capital

1.4.4. Enterprise

1.5. Opportunity Cost

1.6. Specialisation

1.7. Division of labour

1.8. Added Value

2. Business Objectives

2.1. Profit

2.2. Survival

2.3. Growth

2.4. Market Share

2.5. Stake Holders

2.5.1. Owners

2.5.2. Consumers

2.5.3. Competitors

2.5.4. Government

2.5.5. Managers

2.5.6. Employees

2.5.7. Suppliers

2.5.8. Trade Union

2.6. Objectives and Aims

3. Classification of businesses

3.1. Sectors

3.1.1. Primary

3.1.2. Secondary

3.1.3. Tertiary

3.2. Economies

3.2.1. Mixed

3.2.2. Free Market

3.2.3. Planned

4. Enterprise, business organizations

4.1. Business plan

4.2. Entrepreneur

4.3. Value of a business

4.3.1. Capital employeed

4.3.2. value of sales

4.3.3. value of output

4.3.4. labour employeed

5. Types of business organisation

5.1. Sole Trader

5.1.1. Business that is owned by one person

5.2. Partnership

5.2.1. Agreement between two or more people to take joint responsibility for running a business

5.3. Public limited company (PLC) and private limited company (LTD)

5.4. Franchises

6. Types of Businesses

6.1. Limited companies

6.2. Partnerships

6.3. Franchises

6.3.1. Franchisee

6.3.2. Franchisor

6.4. Sole Trader

6.5. Unlimited liability

6.6. Limited liability

7. Growth

7.1. Internal

7.2. External

7.3. Horzintal

7.4. Merging

7.5. Vertical

7.6. Conglomerate