We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byToby Sauvage
Modified over 2 years ago
Understanding Business Business Activity Business Management (National 5) N5 Bus Man – 1.1: Business Types © BEST Ltd # Licensed to: Turnbull High School
BUSINESSES are organisations that are formed to provide: GOODS SERVICES GOODS and SERVICES can be: DURABLE NON DURABLE CAPITAL CONSUMER N5 Bus Man – 1.1: Business Types © BEST Ltd # Licensed to: Turnbull High School
The Business Cycle The process of businesses using the factors of production to produce goods and services to satisfy the needs and wants of consumers is known as the BUSINESS CYCLE. This process is a cycle because it goes on over and over again because consumers UNLIMITED wants constantly create new things that businesses can produce. The cycle means that if a business is to succeed it MUST pay particular attention to minimising its externalities and satisfying consumers unlimited wants to stop the business failing. Businesses identify consumers NEEDS and WANTS and decide to make GOODS and SERVICES to satisfy them. Businesses employ the FACTORS OF PRODUCTION to PRODUCE the desired goods and services and increase WEALTH. Wages from employment allow consumers to CONSUME goods and services. Consumers have NEEDS and (NEW and UNLIMITED) WANTS. THE BUSINESS CYCLE N5 Bus Man – 1.1: Business Types © BEST Ltd # Licensed to: Sample High School
Chapter 1 A Look at WANTS and NEEDS. Wants and Needs Drive the Economy Everyday you make decisions about how to spend money. Suppose you have $10. You.
The 4 Ps of Marketing Product, Price, Place, and Promotion.
1 BUSINESS MANAGEMENT INTRODUCTION What is business?
Economics Chapter 1 Section 2. Goods, Services and Consumers Economic products- goods and services that are useful, relatively scarce, and transferable.
WHAT IS AN ECONOMY?. Economy or Economic System The way a nation makes choices. These choices involve how the nation will use its resources to produce.
Higher Business Management Course Outline and Assessment.
The economic problem of unlimited wants and limited resources The factors of production The development of economic activity and the use of specialization.
Operations management is concerned with producing the right goods and services at the right quality and quantity. They need to turn the factors of production.
What fundamental qualities make up Economics? Wants Versus Needs.
Promotion BDI3C. Promotion We use promotion to bring our product or service to the attention of the target market. Promotional activities include advertising,
Understand marketing’s role and function in business to facilitate economic exchanges with customers.
Factors of production Sept Business Activity involves using Factors of Production FACTORS OF PRODUCTION are….. LAND = somewhere to work from. LABOUR.
CHAPTER 1 The Economic Way of Thinking. KEY CONCEPTS Economics study of how people use resources to satisfy wants how individuals/societies choose to.
Welcome! Happy New Year!!! This is a time of new beginnings with so many exciting things to do and learn. So Welcome to Economics class! I am looking.
Chapter 1 Economic Decisions. Goals Distinguish between WANTS & NEEDS Explain the difference between goods and services Describe the economic resources.
Marketing Indicator 1.01 Understand marketing’s role and function in business to facilitate economic exchanges with customers.
UNIT 2.4 Why do businesses fail?. In this section you will learn: Why some businesses “Go under”? What can go wrong within the business? What can.
Chapter 1.3 Notes Davidovich. Do you think like an economist? Quiz yourself. Answer the 10 true/false items on the sheet you picked up. You have 5 minutes.
MARKETING Is Marketing Really That Important? Manufacturers Create Products.
What is Economics? Chapter 1, Lesson Two. Basic Economic Concepts Economics is concerned with economic products. Economics is concerned with economic.
Customer focus AND THE MARKETING MIX. Learning Objectives Understand that any business needs customers to survive (D) Appreciate that knowing who.
© 2011 South-Western | Cengage Learning Our Global Economy Economics and Decision Making Basics of Economics Economic Systems 2-4.
Modules 7 – 8 Adam Smith and Economics. Economics Definition & History Economics is the social science that studies the a) production, b) distribution,
Unit 1: Foundations of Economics What comes to your mind when you hear the word SCARCE? (video about scarcity)
1 OPERATIONS The term production and operations tend to be interchangeable today the main feature of operations is that there is an input, process, output.
3-1: ADVANTAGES OF FREE ENTERPRISE. What is a Free Enterprise System? Capitalism: economic system based on private ownership of the factors of production.
Economics Chapter 1 Section 1. The Fundamental Economic Problem Most people seem to want more stuff Most people seem to want more stuff Scarcity - the.
1 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt Wants.
24 Sep 2004 Cost of Quality INTERGON Dr Lionel Boxer Intergon 2004 Cost of Quality Page 1 Cost of quality is … the expense of noncomformance.
Chapter 2 Economic Resources and Systems. 2.1 Economic Resources Societies have to deal with shortages of resources just as individuals do. Lack of resources.
© 2016 SlidePlayer.com Inc. All rights reserved.