CMR Assignment 6
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BusIntromod11.ppt*
- A business is usually defined as a commercial enterprise
- Some are run by only one person who carry out all of the required functions
- Others employ thousands of people and provide goods and services to people all over the world
- Each business can be defined or described by its type of ownership, the goods produced or services offered,
the types of jobs provided, or the functions
it performs in a community
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- Businesses are started by entrepreneurs who see a need, recognize the opportunity, and go into business to meet that need
- Business and people need each other – there are many stakeholders – we depend on businesses for products and services, but also for employment
- Buy inputs – raw materials, labour, machinery and equipment, and land
- Produce outputs – goods and services
- Focus on efficient use of resources
- Generate profit/surplus
- Who are the stakeholders? – Anyone who has an interest in the success of a business
Customers
Managers
Employees
Owners
Local Community/Environment
Suppliers
Government
Creditors
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Take Inputs
Process/Manufacture
Output
Costs – Fixed and Variable
Revenue
Profit
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- A group of businesses that all produce similar products is called an industry
Example: Automobile manufacturers and automobile parts is the Automobile Industry
- Separated into three categories – primary, secondary, and tertiary
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