Shareholders are group owners of a company Directors Elected by shareholdersResponsible for running the businessSome have enough shares to exert controlWorker directors ?

Shareholder want good and regular returns, as well as a say.Managers want responsibility, rewards, lack of interferenceEmployees want secure and well paying jobs, interesting jobsCu

people who have an interest in the business, and are affected by the operation of the business.   Internal Stakeholders Are part of the business organizationExamples: owners, shareholders, m

Expensive: advertising, taxpayersMonopolies createdSold for too littleDuplication of resources, due to public loss of monopoliesAny loss making shut down, minority?s loose outSharehol

profit is an important objectiveDecrease in pricesCut back on staffing levelsIncreased investmentDevelopment and diversificationMergers and takeovers

Generates income for the governmentNationalized industries were inefficientDeregulation results in improvement of prices and quality of services for consumersLittle political interferenceI

  Organizations owned or controlled by the state   Features Non-rivalry ? consumption of the good by one individual does not reduce the amount available for others.Non

Private sector ? business set up by individuals or groups of individuals   Unincorporated business No legal difference between owners and the business   Incorporated business Bus

IndependenceIncrease rewardsDue to redundancyCommitment to a productHobbiesSatisfy creative needsCan?t find employmentDissatisfaction

Primary Taking natural resources from the earth Secondary Transforming raw materials into goods Tertiary Provision of a service

Political GovernmentLegal frameworkTaxes Economic Economic climateWorld eventsOther businesses Social Women?s independenceConsumer tastes Technological Limits it causesCosts   Some

Durable Repeatedly use for a long timeE.g. TV, book, cars Non durable Those goods used up right awayE.g. soap, crisps, cornflakes Capital goods Goods bought by businesses to produce other goods

A business is a system Production Changing natural resources into a productSupply of a service Marketing Identifying consumer needs and satisfying themMarket researchAdvertisingPac

Land Natural resourcesPremisesLabourWorkforceThey are paid salariesCapitalArtificial resourceMade by labout Tools, machinery equipmentMoney invested into the businessEnterpri

Output ? a business provides a good or serviceConsumption ? these are used by consumersResources ? are used up (land, labour, capital, and enterprise)Functions ? are carried out by the businessProdu

All the ingredients that go into a business plan.