Business Notes

Business Notes
Nature of Business
Definition of Business: a pipeline is a company or organization that produces goods and services in order to gain a profit. A business is defined as the organized effort of individuals to produce and sell for a profit the products that satisfy individuals needs and wants. A business makes a profit when the income earned is greater than the costs of output.
The Nature of business
sizeableness of business to the economy:
-Provides employment
-Pays taxes to the government
-Provides income for business owners
-Undertakes investment, which leads to stinting growth
-Undertakes investment, which leads to economic growth
-Increases choice
-Generates exports
-Creates value, which encourages economic growth
Social and frugal Roles
Economic goal is one in which creates riches by providing goods and services. Examples: improves standard of living, how you work, OHS, Anti-discrimination and equal employment opportunity.
Economic RolesDescription
EmploymentLabour is used as an input into the production process in both a skilled and ill-informed capacity. The labour force enkindle be used as a competitive advantage. The income given to employees leads to increased consumption and and then a higher standard of living.




Wealth CreationBusinesses cultivate to make a profit and hence create wealth for the owners. Businesses employ people finished work these employees receive an income which can be put back into the economy by spending on needs and wants. Wealth can be gained through the value of assets that can provide a benefit in the future through its exchange (ie. Buildings, machines, vehicles, goodwill).
InnovationInnovation refers to parvenu ideas in the creation of goods and services or finding sweet ways to do things. It plays a large role in ensuring the viability of a business. It also allows businesses to maintain a competitive edge.
Entrepreneurship are business people that are prepared to take a risk in the aim of making a...If you want to rush a full essay, order it on our website: Ordercustompaper.com



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