This document provides an overview of key concepts in business studies, including:
1) The economic problem arises from limited resources and unlimited wants, requiring specialization of labor and business activity to most efficiently satisfy needs and wants.
2) Businesses combine factors of production - land, labor, capital and enterprise - to produce goods and services. This allows workers to be paid and consumers to access offerings.
3) While profit, growth, and survival are common aims, businesses also provide services and must balance needs of owners, managers, workers, customers, and wider society.
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... The term "business" also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
Sri lankan Ordinary level
Local O Level
GCE O Level
Business and Accounting Studies
Topic 01
Background of business
Meaning of business
Business objectives
Factors of production
Types of business
Needs and wants
features and differences between needs and wants
business stakeholders
objectives of business stakeholders
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... The term "business" also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
Sri lankan Ordinary level
Local O Level
GCE O Level
Business and Accounting Studies
Topic 01
Background of business
Meaning of business
Business objectives
Factors of production
Types of business
Needs and wants
features and differences between needs and wants
business stakeholders
objectives of business stakeholders
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
Basic of business and commerce
Business: The term business has been taken from word busyness which means being busy. It refers to organized efforts of an enterprise to produce and supply consumers with goods and services for a profit.
It refers to any human productive and economic activity which lead to earning profit.
Business Activity = Production + Distribution of goods and services for earning profit.
Production refers to producing/manufacturing/converting raw material into semi-finished & finished products. Mainly this activity takes place in industry/factory.
Distribution= Refers to the placement or delivery of products to customers/ consumers.
the purpose of business activity,business objectives, opportunity cost, stakeholders, types of stakeholders, how the economy works, the economy, resources/factor of production, division of labor/specialization, pros of specialization, cons of specialization, and the principles of business.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
Basic of business and commerce
Business: The term business has been taken from word busyness which means being busy. It refers to organized efforts of an enterprise to produce and supply consumers with goods and services for a profit.
It refers to any human productive and economic activity which lead to earning profit.
Business Activity = Production + Distribution of goods and services for earning profit.
Production refers to producing/manufacturing/converting raw material into semi-finished & finished products. Mainly this activity takes place in industry/factory.
Distribution= Refers to the placement or delivery of products to customers/ consumers.
the purpose of business activity,business objectives, opportunity cost, stakeholders, types of stakeholders, how the economy works, the economy, resources/factor of production, division of labor/specialization, pros of specialization, cons of specialization, and the principles of business.
Similar to Chapter 1 - The Purpose of Business Activity.pptx (20)
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2. In this unit you will learn…….
⦿ The economic problem of unlimited wants and
limited resources
⦿ The factors of production
⦿ The development of economic activity and the
use of specialization
⦿ What is meant by a business
⦿ The most common aims of business
⦿ The different groups involved in business
activity.
4. Needs and Wants
⦿ Needs
› Essential goods or
services necessary
for living.
› Satisfy the basic
things for life.
⦿ Wants
› Non-essential goods
and services that
people would like to
have.
› Interests & Tastes
16. Limited Resources
Production 200 years ago
Joe cuts
the wood
He
assembles
the table
Joe
polishes the
table
Joe delivers the table on a
horse and cart
1 4
3
2
17. Limited Resources
Modern Day Production
The wood for 20 tables is cut
with a specialist machine
Carpenters assemble the
tables
The tables are finished in the
polishing department
A transport company collects the tables
to deliver them to furniture retailers
1
4
3
2
18. Making the best use of limited
resources
◻ Specialization / Division of
Labour
⬜ Production Process
⬜ Different tasks split up
⬜ Workers performs a task
19. Specialization
Division of Labour
◻ Advantages
⬜ Specialised task training
⬜ Increases efficiency
⬜ Increases output
⬜ Save time
◻ Disadvantages
⬜ Bored workers
⬜ Possible drops in efficiency
⬜ Production stopped due to absence
20. Why business activity is
needed?
◻ Unlimited wants
◻ 4 factors of production
⬜ Resources in limited supply to make goods and
services
◻ Scarcity
⬜ Limited resources – unlimited wants
◻ Choice
⬜ Opportunity Cost
◻ Specialisation
⬜ Improves efficient use of resources
21. Business Activity
◻ Combines s_____ f_____of p_______ in
order to produce g_____ and s_______.
◻ Produces those goods and services which are
needed to s______ the n______ and w_____
of the p___________
◻ E_______ people as worker and pays them
w____ / s______ to allow them to consume
p_______ made by other p________.
22. Aim of Businesses
→ Combine factors of production
→ Produce products
→ satisfy peoples wants
24. Business Objectives
◻ Aim / Target to work towards
⬜ Make a Profit
⬜ To increase added value
⬜ To expand the business
⬜ To achieve business survival
⬜ To provide a service
32. Groups involved in Business
Business
Stakeholders
owners managers workers
consumers community government
33. Explain and provide examples
for the following…….
⦿ The difference between wants and needs,
with examples
⦿ Scarce resources
⦿ Principle of opportunity costs
⦿ Importance of specialization in production
⦿ Purpose of business activity
⦿ Importance of different groups in business
activities.