Business, 22.10.2020 15:01 anthonyalvar6636

Kuwait petroleum corporation (KPC) is one of the world’s largest oil companies. The company makes products such as petrol and diesel from crude oil. Crude oil is the oil in its raw or natural state. It occurs naturally in deposits with the earth. To produce petrol that people buy from garages KPC must first extract the crude oil from the earth. The company does this by drilling oil wells, many of which are under the se. KPC then transports the crude oil to oil refineries where its turned into petrol or other products that customers want. Questions 1. Does KPC produce a good or service? Explain 2. Does KPC’s product satisfy the wants or needs of its customers? Explain 3. Explain with the aid of an example, what the term opportunity cost means to a producer 4. State four factors of production used by KPC with examples from KPC 5. Do you agree KPC can increase added value of its product only by branding, through spending huge sums of money on advertising? Why?

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Kuwait petroleum corporation (KPC) is one of the world’s largest oil companies. The company makes pr...

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