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    Added Value

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    Naya Faddoul
    The document discusses economic concepts like scarcity, factors of production, and adding value. It notes that while human needs are limited, our wants are unlimited, and resources are scarce. It explains that scarcity is the lack of sufficient products to fulfill total population wants. It also lists the main factors of production - land, labor, capital, and enterprise - and the typical rewards associated with each - rent, wages, interest, and profit. Finally, it discusses the importance of adding value through quality, design, branding, unique selling points, and convenience in order for businesses to survive, succeed, and expand.

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    Added Value

    Uploaded by

    Naya Faddoul
    11 views3 pages
    The document discusses economic concepts like scarcity, factors of production, and adding value. It notes that while human needs are limited, our wants are unlimited, and resources are scarce. It explains that scarcity is the lack of sufficient products to fulfill total population wants. It also lists the main factors of production - land, labor, capital, and enterprise - and the typical rewards associated with each - rent, wages, interest, and profit. Finally, it discusses the importance of adding value through quality, design, branding, unique selling points, and convenience in order for businesses to survive, succeed, and expand.

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    The document discusses economic concepts like scarcity, factors of production, and adding value. It notes that while human needs are limited, our wants are unlimited, and resources are scarce. It explains that scarcity is the lack of sufficient products to fulfill total population wants. It also lists the main factors of production - land, labor, capital, and enterprise - and the typical rewards associated with each - rent, wages, interest, and profit. Finally, it discusses the importance of adding value through quality, design, branding, unique selling points, and convenience in order for businesses to survive, succeed, and expand.

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    © All Rights Reserved
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    11 views3 pages

    Added Value

    Uploaded by

    Naya Faddoul
    The document discusses economic concepts like scarcity, factors of production, and adding value. It notes that while human needs are limited, our wants are unlimited, and resources are scarce. It explains that scarcity is the lack of sufficient products to fulfill total population wants. It also lists the main factors of production - land, labor, capital, and enterprise - and the typical rewards associated with each - rent, wages, interest, and profit. Finally, it discusses the importance of adding value through quality, design, branding, unique selling points, and convenience in order for businesses to survive, succeed, and expand.

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    of 3

    Tuesday 8 September 8, 2020

    adding value (business)

    needs: limited
    food
    water
    shelter
    first aid kit
    clothes

    wants: infinite/unlimited
    clean food
    clean water
    good transportation
    WIFI
    phones/laptops/electronic devices
    service

    our resources are limited

    economic problem (not being able to satisfy our wants)

    scarcity (Scarcity is the lack of sufficient products to fulfil the total wants of the population)

    why are there so many wants that we cannot satisfy?

    -is it all about money?

    -Will printing more money help us. have more goods?

    factors of production- recourses


    land Oil – natural recourses
    labor workers
    Capital Man-made aids to production - laptop
    enterprise Bringing the factors of production
    together
    reward for having the resources

    land rent
    labor Wages/salaries
    Capital interest
    enterprise profit

    adding value:

    how to add value: to a business/brand/object/service


    speedy service
    quality
    design – how well the product works
    branding – how valuable is the brand (Gucci/ tommy Hilfiger) – products are pricy.
    USP - unique selling point
    convenience – the place/object is everywhere

    why is value added so important?

    -to survive
    -to be successful
    -increase their prices in revenue
    -expansion

    Added value is the difference between the selling price and the cost price of a good or
    service

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