The advantages of a large business is that they can enjoy economies of scale. This occurs when a business grows in size, the average costs per unit falls. They enjoy bulk buying economies, technical economies, managerial economies and marketing economies of scale, financial economies of scale compared to small businesses. Bulk buying means that they … Read more
Advantages of WAN:
- ability to share resources and software with other workstations
- covers a large geographical area, even from different countries allowing businesses to communicate with each other.
- ability to send e-mails from different workstations situated in different parts of the world
- It allows sharing of information
Data is raw facts and figures. They have no meaning. For e.g. 559873 is data. We cannot say what this number is. It can be your library number, a product number Signal is an electric current used to convey data from one place to another. For e.g. If you want to call someone, over the … Read more
Oral communication means one to one conversations, interviews, team briefings, meetings etc. They allow instant feedback and two way communication which is motivating to workers. The sender can also see who have received the message especially in meetings. The sender can enforce the message by using appropriate body language. The receiver has the opportunity to … Read more
Economics can be divided into two. That is micro and macro economics. Microeconomics is the study of the individual markets. For e.g an economist may study the market for compact discs.Marco economics is the study of the whole economy. The cause, effects and consequences of international trade, inflation, economic growth, unemployment etc.
A command economy is where the govt. Allocates resources according to a planning process. The advantages are : 1. The govt. Will ensure a more equal distribution of income and wealth 2. Essential goods/services will be provided to the community. For e.g education. 3. The govt. Can determine which goods are produced. … Read more