Higher Business Management (Revised) discusses key concepts in business including: - Business activity satisfies human needs and wants through the production of goods and services. - A nation's wealth is measured by its gross domestic product which represents the total value of goods and services produced over a period. - Businesses require factors of production like land, labor, capital and enterprise to operate. - Different types of business ownership include sole traders, partnerships, private limited companies and public limited companies. - Stakeholders are individuals or groups with an interest in a business, including owners, employees, customers and society.