(a) Mention and explain the four business resources.
(b) Explain four ways by which government regulates business.
Explanation
(a) The business resources are:
(i) Money resources
(ii) Materials resources
(iii) Management
(iv) Opportunities
(I) Money resources: Money includes all the working capital available to a business. Money is important because, without it, a business cannot take off. It can be obtained by borrowing, selling shares, etc.
(ii) Material resources. Materials include tools, machinery, equipment, etc used in business. The money resources that are turned into materials help the business to operate economically and efficiently.
(iii) Management resources: Management is the resources of a business that plans, organizes, directs and controls the operation of the business enterprise. It is also referred to as human resources.
(iv) Opportunities: These include facilities within the environment that are beneficial to the business. These are roads, electricity, telephone services, etc.
(b) Four ways by which government regulates business are:
(i) All business units must be duly registered before they can commence business.
(ii) Business can be regulated through granting of the patent rights, copyright and trademark for companies.
(iii) The government ensures the use of standard weights and measures for products.
(iv) The location of a business is approved by the government.
(v) Government approves importation and exportation by the public.
(iv) The Government imposes a tax on the profit of business enterprises.
(vii) Business enterprises are compelled to publish their accounts for public consumption.