Firms & Businesses
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Syllabus content
1 Types of business
a) Types of businesses:
• private sector organisations
• state-owned enterprises (public sector)
• for-profit and not-for-profit organisations
• co-operatives • joint ventures.
2 Size of businesses
a) The size of businesses:
• SMEs (small- and medium-size enterprises)
• large corporations.
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2 Size of businesses
b) How businesses grow:
• organic growth • merger/takeover:
• forward vertical integration
• backward vertical integration
• horizontal integration
• conglomerate integration.
c) Advantages and disadvantages of each type of merger/takeover.
d) Constraints on business growth:
• size of market • access to finance
• owner objectives • government regulation and bureaucracy.
e) Reasons some firms remain small, others grow.
f) Impact of growth of firms on businesses, workers and consumers.
g) Demergers:
• reasons for demergers • impact of demergers on businesses, workers and consumers.
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3 Business objectives
a) Different business objectives:
• profit maximisation
• revenue maximisation
• sales volume maximisation.
• behavioural theories: satisficing.
b) The significance of the divorce of ownership from control for business objectives: the principal-agent problem.
c) Formulae for different business objectives:
• profit maximisation • revenue maximisation • sales volume maximisation.
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