The next best alternative (desired product or service) which you give up, becomes lost opportunity. It is known as the opportunity cost of your decision.
Posts published in “ORGANIZATION”
There are not enough of these factors of production in the world. This creates scarcity - not enough goods and services to meet needs and wants of population.
Businesses require resources for the production of goods and services. The resources used in the production processes are called factors of production.
Business organization must satisfy needs and wants of their consumers profitably in order to be successful on the market. Customers have many needs and wants.
Business activity is everywhere. Doing everything in our lives by ourselves may not sound like a bad idea. We can save money, lots of money.
The production process is the process of turning inputs into outputs. Inputs are resources and outputs are final products: goods and services.
Your mantra should be concise, short and clear, so anyone can chant it in their minds throughout the day. Create your mantra now.