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Topic 1 The nature of business activity What is a business A business is any organisation that uses resources to meet the needs of customers by providing a product or service that the customers demand. Business activity at all stages of production involves adding value "Our one rupee coin is in fact worth 35 rupees, because we make five to seven blades out of them," Adding value is ‘adapting’ the product / service so people are willing to pay more money For the full article http://news.bbc.co.uk/2/hi/6766563.stm Value Added Value Added Selling Price - Cost of materials/ Components = Key terms Consumer services non-tangible services sold to the public Consumer goods Tangible goods sold to the public Capital goods Tangible goods used by industry to aid in the production of other goods / services Four factors of production Labour Land Factors of Production Capital Enterprise Land All of the natural resources provided by nature Labour All people’s efforts to make products Capital All finance, machinery & equipment in manufacturing products Enterprise All people that have skills & have risk-taking ability factors of production produce good or service Levels of business activity Tertiary Secondary Primary Levels of business activity Types of Countries Developed Countries Developing Countries Types of Countries