2- The four Factors of production.
3- Succeeding in business depend on high technology.
1- How businesses depend on economic system?
- Economic system is a basic set of rules used to distribute a society's resources to satisfy its citizen's need.
- Economic systems all have certain features in common but they differ from one nation to another because they are different in their politics and social values.
2- The four Factors of production.
Each nation use its resources which called by economists "Factors Of Production" to satisfy people's needs. There are four factors of production :
a- Natural resources it's tangible asset which are useful in their nature state as land, forests, minerals, water.
b- labors: human resources used to produce goods and services.
c- Capital: physical and human made elements as computers, robots, machine, tools, and buildings.
d- Entrepreneurs: people who accept the risk of failure to organize other three factors to produce goods and services.
- Success in business depends on its productivity which mean how efficiently available factors of production are used?
- Succeeding in business depends on using high technology.
- You can save your time which translate into revenue in service businesses. Time is the most important resource we have so we should save our time and reschedule our time to achieve the moat important tasks. As you distribute your budget to get what you need. You can use here time instead of money to achieve our goals to gain more revenues.
- Record and file management we can make an internal network to make it easy for employees to reach information and to communicate with each others easily.
- Long distance communication you can use your laptop while you are setting on the beach doing your business's tasks and communicate with your suppliers and employees.
To be continued
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