Define management
:
·
process of achieving desired results w resources ar
·
accepting responsibility for leadershipt decision making through applying management principles
4 key tasks :
plan
·
>
- determine course of action
organise -
O
fitting people t resources in most effective way
Co-ordinate
⑧
a
supervise t motivate people
⑧
Control -
monitoring performance + making adjustments to
stay on track
factors of Production land , labour , capital , entreponisship
& Land : includes all nat. resources on Earth
Economic characteristics (4) 1 .
Availability 2 . Production potential .
3 Restrictedness 4 . Specific clima
b
limited ,
I population differs d . areas , plants grow fixed chare
↑ cost agri-1 and fasmes must know in certain soil t
otherwise =
b profit conditions
② Labour :
physical energy :
organise according to requirements
Problems with labous :
Shostage , comp .
Industry ,
lack of skill ,
a labour
productivity
physical planning
economic
planning
super vision
training
~ living conditions
③ Capital : creation of capital :
Saving ,
credit , production
+
ypes
:
fixed ,
moveable , working
Summary : each 4 factors of Production recieve return
labour w wage
management -
salary
jet un to lando rent +
capital growth
returns to capital - repaid by interest payements
, Enterprises
1 sole proprietorship
:
2 partnership
3 company (pub/poiv]
4 Co-operative
S + just
Sole proprietorship owner
-
individual has complete control
-
lowest cost
-most private
-
all profits - owner
; owner liable for debt
-personal income tax braket
Patnership 2-20
pas + news
-
2 + owners
-
written local and formal contract
-
easy to start
contribute capital + liabilities
: both
-
- main types-general
-limited : Silent partness invest ; don't actively manage
Company
-
organise large amounts of capital
-
directors + shareholders
-
all profit to shareholdes In form of dividends director st
-public company (Ltd] on stock exchange -> more professional ; attracts & clients + investors shareholde
debt owned by company
-private-pty . Led -so
Co-operative 1st members
-group people work together on voluntly basis
-local members
-
members own : not shareholders
produces co-operations owned by produces of product ; joined market products better eg .
agri-co-ops
~ ust <1 trustees
provides asset protection
If business -; assets may be used to
satisfy debts ;
folding business
: useful for protecting income/assets young person/family
1 -
18
-trustees +estate planner responsible for management of trust to benifitclose corporation
b -not so common
complex: needed
-small business owners
- re l a xe d
-no
longer formed :
new act
:
·
process of achieving desired results w resources ar
·
accepting responsibility for leadershipt decision making through applying management principles
4 key tasks :
plan
·
>
- determine course of action
organise -
O
fitting people t resources in most effective way
Co-ordinate
⑧
a
supervise t motivate people
⑧
Control -
monitoring performance + making adjustments to
stay on track
factors of Production land , labour , capital , entreponisship
& Land : includes all nat. resources on Earth
Economic characteristics (4) 1 .
Availability 2 . Production potential .
3 Restrictedness 4 . Specific clima
b
limited ,
I population differs d . areas , plants grow fixed chare
↑ cost agri-1 and fasmes must know in certain soil t
otherwise =
b profit conditions
② Labour :
physical energy :
organise according to requirements
Problems with labous :
Shostage , comp .
Industry ,
lack of skill ,
a labour
productivity
physical planning
economic
planning
super vision
training
~ living conditions
③ Capital : creation of capital :
Saving ,
credit , production
+
ypes
:
fixed ,
moveable , working
Summary : each 4 factors of Production recieve return
labour w wage
management -
salary
jet un to lando rent +
capital growth
returns to capital - repaid by interest payements
, Enterprises
1 sole proprietorship
:
2 partnership
3 company (pub/poiv]
4 Co-operative
S + just
Sole proprietorship owner
-
individual has complete control
-
lowest cost
-most private
-
all profits - owner
; owner liable for debt
-personal income tax braket
Patnership 2-20
pas + news
-
2 + owners
-
written local and formal contract
-
easy to start
contribute capital + liabilities
: both
-
- main types-general
-limited : Silent partness invest ; don't actively manage
Company
-
organise large amounts of capital
-
directors + shareholders
-
all profit to shareholdes In form of dividends director st
-public company (Ltd] on stock exchange -> more professional ; attracts & clients + investors shareholde
debt owned by company
-private-pty . Led -so
Co-operative 1st members
-group people work together on voluntly basis
-local members
-
members own : not shareholders
produces co-operations owned by produces of product ; joined market products better eg .
agri-co-ops
~ ust <1 trustees
provides asset protection
If business -; assets may be used to
satisfy debts ;
folding business
: useful for protecting income/assets young person/family
1 -
18
-trustees +estate planner responsible for management of trust to benifitclose corporation
b -not so common
complex: needed
-small business owners
- re l a xe d
-no
longer formed :
new act
