Mastergp
Verified member
They are many factors that determine and encourage the growth of a business an with out them put in place making money in any business would be hard. And some of this important factors include:
Emergence of specialisation:
Specialisation has brought about interdependence . people now depend on one another while they produce what they have comparative advantage in and this has lead to mass production.
Development of means of communication:
The development of modern telecommunications system has eased and hastened contact among people of different countries.
Development of financial institutions:
Financial institutions have developed their services rapidly over the years. They provide quick and efficient means of payment in foreign trade as well as Making available credit for commercial activities.
Development of warehouse:
Development of warehouses has enabled goods to be produced and kept ahead of demand. This helps in stabilizing prices and provide protection from damage.
Development of means of transportation:
Improvement and development of the means of transporting goods and people from place to place has greatly affected business goods and people can be move to foreign countries through this means.
Emergence of specialisation:
Specialisation has brought about interdependence . people now depend on one another while they produce what they have comparative advantage in and this has lead to mass production.
Development of means of communication:
The development of modern telecommunications system has eased and hastened contact among people of different countries.
Development of financial institutions:
Financial institutions have developed their services rapidly over the years. They provide quick and efficient means of payment in foreign trade as well as Making available credit for commercial activities.
Development of warehouse:
Development of warehouses has enabled goods to be produced and kept ahead of demand. This helps in stabilizing prices and provide protection from damage.
Development of means of transportation:
Improvement and development of the means of transporting goods and people from place to place has greatly affected business goods and people can be move to foreign countries through this means.
