Elements of business skills chapter 1 slides

Introduction to Business Activities 1. Purpose 2. Types of Businesses 3. Jobs in Service industries 4. Business Resources 5. Unlimited Needs & Wants Vs Limited Resources 6. Managing Financial Resources - Calculation of Loan Interest 7. The Changing Business Environment 8. Nature of Competition - Direct vs Indirect

1. PURPOSE OF BUSINESS ACTIVITIES How will this affect the people in the country & the country? - Provide Goods and Services to the people. - Provide Jobs for the people. - Contribute to the wealth of the country . 2 business terms you must know: NEEDS – These are goods and services that are necessary for SURVIVAL. Question: What are some basic needs of yours? WANTS – These are goods and services that are NOT necessary for survival but which we WISH to have.

2. TYPES OF BUSINESSES GOODS-PRODUCING SERVICES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

3. Jobs in Service industries RETAIL TRAVEL AND TOURISM HOSPITALITY RECREATION FINANCE HEALTH CARE EDUCATION

4. Business Resources (‘CELL’) C APITAL E NTERPRISE L AND L ABOUR ,[object Object],[object Object],[object Object],[object Object],[object Object]

5. Unlimited Needs & Wants Vs Limited Resources 6. Managing Financial Resources - Calculation of Loan Interest Needs & Wants > Resources Question: What is money needed for when you start a new business? Salary of Worker Machinery Office Furniture & Equipment Rent and Utilities Raw materials etc

Question: Where do you get the money when you want to start a new business? Personal Savings Loan from a Family members / friends Bank Loans Trade Credit from Suppliers

What is Trade Credit from Suppliers?  You get your goods first and pay your suppliers later. Question: Why does the entrepreneur not have enough $ to pay his suppliers? ,[object Object],[object Object],Calculate LOAN INTEREST Interest = $Amount borrowed x Interest rate/100 x Duration of loan Refer to Textbook Pg 8 and 9

7. The Changing Business Environment “ PETS D G” P olitical and Legal E conomic T echnological S ocial D emographic G lobal

NATURE OF COMPETITION 1. DIRECT 2. INDIRECT

Elements of business skills chapter 1 slides

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Elements of business skills chapter 1 slides