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.

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.”
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3.  According to L. 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.
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4. A Short History of 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.
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6. Organization
An entity where 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
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 Stock market

8. KINDS OF INDUSTRY
Primary Industry :
 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.
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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 Environmental Forces
 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