Needs and wants, scarcity, the factors of production, opportunity cost, added value and the purpose of business activity.
Entrepreneurs and enterprise, business plans, measuring business size, growth methods and why some businesses stay small.
Sole traders, partnerships, private and public limited companies, the public sector, limited liability and how to choose a structure.
Business and social objectives, the objectives of different organisations, stakeholders, their interests and conflicts.
Why people work, motivation theories (Taylor, Maslow, Herzberg), financial and non-financial methods of motivation.
Organisational structure, span of control and chain of command, delegation, the roles of management and leadership styles.
Internal and external recruitment, the recruitment process, types of training, full- and part-time work, and reasons for downsizing.
The role of marketing, market segmentation, niche and mass markets, and the four Ps of the marketing mix.
Primary and secondary research, sampling, presenting data, the marketing plan and how legal and tech changes affect marketing.
The production process, methods of production, productivity, lean production and managing inventory.
Quality control and assurance, total quality management, economies and diseconomies of scale, and factors affecting business location.
The need for finance, internal and external sources, short- and long-term finance, cash flow and working capital.
Income statement and balance sheet, profitability and liquidity ratios, and how the economy, ethics and globalisation affect business.