Economics the foundation of business
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Economics is the study of how societies use scarce resources to produce and distribute goods and services. A nation's resources consist of natural resources like oil and timber, capital resources like manufactured goods, and labor resources like human skills and talent. Resources are allocated through a society's economic system to produce goods that meet people's needs for survival like food and clothing, as well as wants for non-essential items like entertainment goods. The economic system determines how resources, production, and distribution occur, and can be either a planned or free market economy. Understanding economics provides the foundation for comprehending business.
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This document summarizes the six main types of forests in Bangladesh: 1) Tropical evergreen and semi-evergreen forests, which cover 670,000 hectares in hill areas, 2) Tropical moist deciduous Sal forests of 120,000 hectares, 3) The Sundarbans mangrove forest of 6,01,700 hectares and home to the Royal Bengal tiger, 4) Coastal afforestation plantations of 196,000 hectares along the shore, 5) 23,000 hectare of freshwater Swamp forests, and 6) Village forests owned by villages and consisting mainly of coconut, rain trees, mango and betel nut trees.
Md. Sohel Rana (CV)
Sohel Rana has submitted his curriculum vitae seeking a challenging career opportunity that allows him to utilize his experience. He has a bachelor's degree in agriculture from IUBAT University with a 3.19 CGPA. He has over 2 years of experience working in administrative and teaching roles at IUBAT University and 8 months of research experience at BARI. His skills include Microsoft Office, communication, teamwork, and time management. He is seeking a secure position with growth potential.
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Economics the foundation of business
- 4. Topic of the Presentation is …
- 5. What is Economics ? The study of how a society chooses to use scarce resources to produce goods and services and to distribute them for consumption
- 7. A nation’s resources consist of three broad areas: Natural, Capital and Labor. Natural Resources - Resources provided in limited amount by nature, such as oil, coil, water and timber.
- 8. Capital Resources - Goods produced for the purpose of making other types of goods and services. Labor Resources – The human talent, skills and competence, available in a nation.
- 9. A nation’s resources are used to produce goods and services that will meet people’s needs and wants. Needs are goods and services people must have simply to exist. Wants, on the other hand, are things they would like to have but do not absolutely need for survival.
- 10. Con… Such items are _ Food, clothing, shelter and medical care are needs. Video recorders, fashionable clothes, sound systems etc are wants.
- 11. ALLOCATION The process of choosing how resources will be used to meet a society’s needs and wants; includes the distribution of products to consumers. We have a basis for choosing how our resources will be used, how they will be allocated to the best satisfy consumers wants and needs.
- 12. Product Distribution In this context, allocation involves an exchange ( e.g., money, goods, time, service) between a business and a consumer ( e.g., client, customer, patron) The exchange provides mutual benefit. This is important for free economy.
- 13. ECONOMIC SYSTEM The accepted process by which labor, capital and natural resources are organized to produce and distribute distribute goods and services in a society.
- 14. PLANNED ECONOMY An economy in which the government owns the productive resources, financial enterprise, retail stores and banks.
- 15. Understanding economics is essential to Understanding business. No single definition of economics satisfies everyone. Here resources, goods and services, allocation, economic system and others all the combination make Foundation of Business in Economics.