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Concept of business[1]
This document provides an introduction to key business concepts including definitions of business, a brief history of business divided into eras, descriptions of economy, organization, market, types of industries including primary, secondary and tertiary, factors of production, environmental forces, and an overview of SWOT analysis. It covers essential topics to understand the basic concepts and components of business.
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Introduction to business concepts, definitions by L. H. Haney and B. W. Wheeler focusing on profit and societal goods.
Overview of business history including the Industrial Revolution, entrepreneurship, and marketing eras.
Definition of economy as interrelated activities and organizations as entities of collaboration toward common goals.
Explanation of market as a system for exchange, covering various types including retail, internet, and auction markets.
Classification of industries into primary, secondary, and tertiary, detailing extractive, manufacturing, and service sectors.
Four main factors of production: labor, capital, entrepreneurship, and physical resources vital for business.
Identification of internal and external forces affecting organizations and a brief introduction to SWOT analysis.
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Concept of business[1]
- 1. Introduction to Business Concept of business
- 2. Business “Every human activity which is engaged in for the sake of earning profit may be called business.” 2
- 3. According toL. H. Haney “Business may be defined as human activities directed toward providing or acquiring wealth through buying and selling of goods.” In the words of B. W. Wheeler “An institution organized and operated to provide goods and services to the society, under the incentive of private gain” is business. 3
- 4. A Short Historyof Business Industrial revolution Entrepreneurship Era Production Era Marketing Era Global Era 4 Information and internet Era
- 5. Economy The large set of inter-related economic production and consumption activities which aid in determining how scarce resources are allocated. 5
- 6. Organization An entitywhere 2 persons or more working together for a common purpose
- 7. Market A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. Physical retail markets Internet markets (non-physical) Auction markets Markets for intermediate goods Labor market Currency market 7 Stock market
- 8. KINDS OF INDUSTRY PrimaryIndustry : Extractive Genetic Secondary Industry Construction Manufacturing Tertiary Industry Services
- 9. Kinds of Industries Primary Industry Extractive Industry _ Extraction of underground resources. Genetics _ Genetic industries are those, which are engaged in reproducing and multiplying certain species of animals and plants.
- 10. Kinds of industries Secondary Industry All of manufacturing, processing, and construction lies within the secondary industry.
- 11. Kinds of industries Tertiary Industry Services _ Banking, consultancy, accountant, Lawyer, Interior decorator, designer, music composer etc. 11
- 12. Factors of production Labor _ People working in an organization. Capital _ Amount invested by investor in the business. Entrepreneurship _ Management ability of the people who are running the business. Physical Resources _ Land, building, vehicles, machinery etc.
- 13. Types of EnvironmentalForces Internal Forces Factors within the organization. These are controllable by the organization. External Forces Factors found outside an organization. These factors are not controllable by the organization.
- 14. SWOT Analysis Strengths Weaknesses Opportunities Threats