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organization makes a product provides a service or generates an
idea or a concept. LABOUR CAPITAL MANAGEMENT INFORMATION To compete, businesses need info about:
customers, technology, competition,
political conditions etc.
Information has become a commodity in today's world
Some companies provide information free but charge companies to advertise on their site RAW MATERIAL Any goods used in the manufacturing of another product
Most goods we buy started as a natural resource
that were converted into another product
We rarely buy natural resources - except for fresh vegetables, fruit and fish NATURAL RESOURCES All physical and mental work used to
produce a good or service.
Labour is very expensive and businesses look
for ways to reduce labour costs. Money invested in a business.
Money is used to buy things the business needs. People who control the factors
of production and decide:
How to run the business
How to share profits
What to buy
What to make Everything in the world is made of six types of natural resources Agriculture
Fishing & Trapping
Fuel & Energy
Logging & Forestry These Are
Because Everything Starts Off With Them
Also Known As
Because They Often Involve Taking
Something From The Earth There Are 2 Types of Raw Materials
Raw materials that go into the produce
Used to run the business but do not go
directly into the product Automation
Using machines to do the work previously done by humans
Closing smaller facilities, manufacturing out of a few large facilities then shipping to where a product is to be sold I.e. Tim Horton's (does not bake from scratch anymore, that is done in Brantford for all of the Tim's across Canada)
Hiring another company to perform the task
(i.e. Call centers in India) Liquid Capital
Capital that can be converted to something VERY quickly
Things a business owns that are used in the
business and cannot be converted into a liquid capital;
also called capital goods
Ideas or talent of the workforce FRASERS
Is a company that list industrial businesses
RBC & BMO
Provide investment information
MARKET RESEARCH COMPANIES
Provide information about
trends, products, consumers,
advertising methods, etc.