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Basic of business and commerce
The document discusses the fundamentals of business and commerce, defining business as the organized efforts to produce goods and services for profit. It outlines factors of production, including land, labor, capital, and entrepreneurship, and addresses the economic problem of scarcity, which compels resource allocation decisions. Additionally, it emphasizes the objectives of businesses, the importance of stakeholders, and the classification of business activities into primary, secondary, and tertiary sectors.
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Editor's Notes
- #14 Measurable Example: To increase sales in the Hyd region 15% this year. A-Achievable: Setting objectives that are almost impossible in the time frame given will be pointless. They will demotivate staff who have the task of trying to reach these targets. Objectives should be achievable.
- #15 Management by objectives a method of coordinating and motivating all staff in an organisation by dividing its overall aim into specific targets for each department, manager and employ. Corporate social responsibility the concept that accepts that business should consider the interests of society in its activities and decisions, beyond the legal obligations that it has by taking responsibility for the impact of its decisions and activities on customers, employees, communities and the environment. corporate social responsibility the concept that accepts that business should consider the interests of society in its activities and decisions, beyond the legal obligations that it has by taking responsibility for the impact of its decisions and activities on customers, employees, communities and the environment.