1. Understanding Business Activity
Needs, wants, scarcity, opportunity cost, specialization, business classification (primary, secondary, tertiary), and enterprise.
2. People in Business
Motivating workers (Maslow, Herzberg), organizational structures, recruitment, selection, training, and internal/external communication.
3. Marketing
Market research, Niche vs Mass markets, 4 Ps (Product, Price, Place, Promotion), market segmentation, and strategy.
4. Operations Management
Production methods (Job, Batch, Flow), lean production, break-even analysis, quality assurance, and location decisions.
5. Financial Information & Decisions
Sources of finance, cash flow forecasting, income statements, balance sheets, and financial ratio analysis (profitability & liquidity).
6. External Influences on Business
Economic factors (inflation, interest rates, unemployment), environmental considerations, legal regulations, and globalization.
