1. Business is defined as human activities directed at providing or acquiring wealth through buying and selling goods and services.
2. It has key characteristics like capital, creation of utility, dealing in goods and services, employment, and being a source of regular income and transactions.
3. Business consists of industry and commerce, with industry involving production and commerce involving distribution of goods to consumers.
The document discusses business and industry. It defines business as an activity involving production and exchange of goods and services to earn profit. It also defines industry as the production aspect of business that uses natural resources and human labor to create useful goods. The key characteristics of business discussed are that it is an economic activity, involves buying and selling, is a continuous process, aims to earn profit while accepting risk, focuses on customer satisfaction, and is creative, dynamic, and subject to government controls. It also outlines different types of industries like primary, extractive, manufacturing, construction and more.
This document discusses how smart phones affect daily life. It defines smart phones as phones with advanced computing abilities like keyboards, web access, operating systems, and messaging capabilities. The advantages of smart phones include their multifunctionality and ease of communication and internet access. Disadvantages include cost, complexity, and potential to reduce productivity through excessive phone use. The document also examines effects of smart phones on productivity, communication, and education through both positive and negative impacts like distraction and overuse of social media. It provides some statistics on phone addiction and phone use for news.
The document discusses smart cards, which are portable devices containing non-volatile memory and a microprocessor that provide improved security for transactions. Smart cards come in two types - memory-only chips and microprocessor chips. They allow for tamper-proof storage of user identity and provide security mechanisms like passwords, cryptographic challenges, and biometric authentication. Communication between smart cards and readers is standardized using the ISO 7816 protocol. Current applications of smart cards include payments, mobile communications, banking, electronic purses, healthcare, and ID verification.
This chapter introduces electronic commerce and discusses its key concepts. It describes how e-commerce involves using technology, particularly the Internet, to conduct business transactions. The chapter outlines different models of e-commerce, including business-to-consumer, business-to-business, and others. It also discusses how economic forces have driven a second wave of e-commerce focused on profitability through analyzing business processes and revenue models. The chapter covers challenges of global e-commerce like cultural and legal differences between countries.
The document provides an overview of e-commerce, including:
- Defining e-commerce as commercial transactions of products/services between individuals and organizations that occur digitally over the internet.
- Discussing unique features of e-commerce like ubiquity, global reach, interactivity, and personalization.
- Outlining different business models for e-commerce, including internet-only businesses, offline businesses that transitioned online, and offline-only businesses.
- Comparing "clicks" online commerce with "bricks" physical commerce and the advantages of each.
- Describing different types of e-commerce like B2C (business to consumer), B2B (business to business
Social media is about engagement and interaction between people using online platforms. It encompasses various technologies and applications like Facebook, Twitter, and blogs. While social media started as a way for people to connect, it has now evolved into a powerful marketing tool for businesses to engage with customers, build their brand, and spread content virally. The key is to listen to your audience, engage with them authentically, and create shareable content that appeals to a wide network.
The document discusses various forms of electronic payments including credit cards, debit cards, electronic funds transfer, electronic checks, and cash cards. It provides details on popular e-payment platforms in Pakistan like Mobilink Genie, UBL Omni, and Easy Paisa. The main advantages of electronic cash are that it can be more efficient and lead to lower prices due to reduced transaction costs. However, disadvantages include lack of tax trail and increased risk of money laundering and forgery.
The document discusses business and industry. It defines business as an activity involving production and exchange of goods and services to earn profit. It also defines industry as the production aspect of business that uses natural resources and human labor to create useful goods. The key characteristics of business discussed are that it is an economic activity, involves buying and selling, is a continuous process, aims to earn profit while accepting risk, focuses on customer satisfaction, and is creative, dynamic, and subject to government controls. It also outlines different types of industries like primary, extractive, manufacturing, construction and more.
This document discusses how smart phones affect daily life. It defines smart phones as phones with advanced computing abilities like keyboards, web access, operating systems, and messaging capabilities. The advantages of smart phones include their multifunctionality and ease of communication and internet access. Disadvantages include cost, complexity, and potential to reduce productivity through excessive phone use. The document also examines effects of smart phones on productivity, communication, and education through both positive and negative impacts like distraction and overuse of social media. It provides some statistics on phone addiction and phone use for news.
The document discusses smart cards, which are portable devices containing non-volatile memory and a microprocessor that provide improved security for transactions. Smart cards come in two types - memory-only chips and microprocessor chips. They allow for tamper-proof storage of user identity and provide security mechanisms like passwords, cryptographic challenges, and biometric authentication. Communication between smart cards and readers is standardized using the ISO 7816 protocol. Current applications of smart cards include payments, mobile communications, banking, electronic purses, healthcare, and ID verification.
This chapter introduces electronic commerce and discusses its key concepts. It describes how e-commerce involves using technology, particularly the Internet, to conduct business transactions. The chapter outlines different models of e-commerce, including business-to-consumer, business-to-business, and others. It also discusses how economic forces have driven a second wave of e-commerce focused on profitability through analyzing business processes and revenue models. The chapter covers challenges of global e-commerce like cultural and legal differences between countries.
The document provides an overview of e-commerce, including:
- Defining e-commerce as commercial transactions of products/services between individuals and organizations that occur digitally over the internet.
- Discussing unique features of e-commerce like ubiquity, global reach, interactivity, and personalization.
- Outlining different business models for e-commerce, including internet-only businesses, offline businesses that transitioned online, and offline-only businesses.
- Comparing "clicks" online commerce with "bricks" physical commerce and the advantages of each.
- Describing different types of e-commerce like B2C (business to consumer), B2B (business to business
Social media is about engagement and interaction between people using online platforms. It encompasses various technologies and applications like Facebook, Twitter, and blogs. While social media started as a way for people to connect, it has now evolved into a powerful marketing tool for businesses to engage with customers, build their brand, and spread content virally. The key is to listen to your audience, engage with them authentically, and create shareable content that appeals to a wide network.
The document discusses various forms of electronic payments including credit cards, debit cards, electronic funds transfer, electronic checks, and cash cards. It provides details on popular e-payment platforms in Pakistan like Mobilink Genie, UBL Omni, and Easy Paisa. The main advantages of electronic cash are that it can be more efficient and lead to lower prices due to reduced transaction costs. However, disadvantages include lack of tax trail and increased risk of money laundering and forgery.
This document discusses electronic cash (e-cash), which aims to create a digital payment system that mimics features of physical cash like anonymity and untraceability of payments. It defines e-cash and outlines its key properties such as having monetary value, being interoperable, storable/retrievable, and secure. The document also covers e-cash classification systems, underlying cryptographic techniques, potential regulatory challenges, and arguments for allowing non-government backed units of value for monetary freedom.
Advantages and disadvantages of cell phonesmehreenashfaq
Cell phones provide easy communication and access to the internet, calendars, cameras and alarms, but can be distracting and studies have found a possible link between heavy cell phone use and brain tumors. Cell phones are also expensive to own and operate.
The document provides information about ATM machines, including:
- It describes the basic functions of an ATM machine and how customers can access their bank accounts and perform transactions even when the bank is closed.
- It discusses the history and development of the first ATM machines in the late 1960s.
- It outlines the key components of an ATM machine, including the card reader, host processor, keypad/touchscreen, screen, receipt printer, cash dispenser, and their basic functions.
- It briefly explains how ATM machines connect to host processors and bank servers to authorize transactions and access customer account information.
To add money to a Paytm wallet, open the Paytm app and select "Add Money", enter the amount to add, and then complete the payment using a credit card, net banking, or debit card by providing bank name, card number, card holder name, valid date, CVV, and selecting the card provider.
Smart cards are credit card-sized cards with embedded microchips that can store up to 32,000 bytes of data. They come in two types - memory-only chips and microprocessor chips. Smart cards provide flexibility, security, and portability for applications like banking, mobile payments, ID verification, and access control. While smart cards offer advantages like increasing data storage and reliability, security remains a key disadvantage to address.
The document discusses money transfer options on the Paytm application. It describes two types of transfers: peer-to-peer (P2P) transfers between individuals via scanning a QR code or sending to a mobile number, and peer-to-bank (P2B) transfers where a user can send money directly to a bank account. It also provides instructions for printing one's own QR code and making P2P transfers by either scanning a code or sending to a mobile number.
Smart cards are plastic cards with embedded computer chips that store and transact data. They were first used in France in the 1980s for payment in pay phones. Contact smart cards have electrical contacts that connect to readers and transmit data via signals like power, reset, clock, and input/output. They are now used widely for banking, transportation, healthcare and more. Smart cards improve security over other machine-readable cards by providing secure authentication, encryption, passwords, biometrics and more. Standards like ISO 7816 and 14443 govern smart card interfaces and communication.
Paytm started as a mobile recharge platform and has grown to become one of India's largest e-commerce companies. It allows users to search, purchase, and pay for products from multiple categories through its mobile app using various payment methods including credit/debit cards and net banking. Paytm aims to provide a simple and secure shopping experience anywhere through features like its Paytm Wallet. While it has seen tremendous growth in users and transactions, Paytm also faces challenges in maintaining app performance with its large traffic and expanding offerings. It aims to leverage the growth in online shopping and smartphone usage through partnerships with major brands across industries.
Smart cards are credit card sized devices with embedded integrated circuits that can store and process data. They can be used for identification, authentication, data storage and more. The document outlines the history of smart cards from their invention in 1968 to modern applications. Key benefits include security, portability and ease of use. Examples of smart card applications provided are banking, healthcare, access control and telecommunications. Advantages include flexibility and security while disadvantages include potential fees and data access if lost or stolen.
Paytm generates revenue through various models such as commission from sellers, advertising fees, subscription fees, and interest from holding payments in escrow. It operates a marketplace where vendors can sell products and Paytm earns a commission. It also earns revenue from advertising on its site, annual subscription fees from sellers to list products, and interest from holding payments in escrow until delivery is confirmed. Paytm's revenue comes primarily from commissions, subscriptions, advertising, and escrow interest.
One97 Communications is India's largest mobile recharge and digital payments platform with over 400 million unique users and 1.3 billion daily transactions. It owns Paytm, which has over 22 million monthly visitors, 15 million active wallet users, and processes over 8 million transactions per month. Paytm provides quick and easy mobile and bill payments, and has become India's leading mobile e-commerce platform with over 20 million app downloads and more daily transactions than other players combined.
This document presents an ATM system project created by three students. The system allows customers to withdraw cash, transfer money between accounts, check balances, and change passwords using just an account number for authentication. It was developed using Java for the interface, MS Access for the backend database, and JDBC for connectivity. The system architecture includes a login screen and main menu. Key functions like cash withdrawal, money transfer, and balance inquiries are described. The document discusses why Java was chosen and how the database connection is established. It includes data flow diagrams and screenshots of the login screen and main menu. In conclusion, the project creates a flexible and efficient ATM system that could be enhanced with additional features like fingerprint scanning in the future.
ATM (Asynchronous Transfer Mode) is a connection-oriented networking technology that transmits data in fixed-size cells and can support different types of data and applications with quality of service guarantees. ATM uses virtual connections identified by virtual path and channel identifiers to transport cells through a network of ATM switches. The ATM architecture includes physical, ATM, and adaptation layers to encapsulate data for transmission and ensure interoperability between network elements.
Smart cards can hold up to 32KB of data and have encryption capabilities. They provide security for banking, mobile payments, and ID verification. Smart cards use microprocessors and memory to store and process encrypted data for transactions and access control through card readers. They provide flexibility, security, portability and increasing storage capacity compared to magnetic stripe cards.
This document discusses various electronic payment systems for e-commerce. It begins by defining e-payment as any digital financial transaction involving currency transfer between parties. It then outlines several modes of e-payment including payment cards, electronic cash, check free, check share, electronic wallets, and smart cards. For each method, it provides a brief introduction and overview of advantages and disadvantages. The document primarily focuses on explaining how payment cards, electronic cash, check free, electronic wallets, and smart cards work as options for electronic payments.
An ATM allows customers to access financial services without a human bank teller. It uses a card with unique account information and a PIN for security. An ATM has components like a card reader, keypad, screen and cash dispenser to withdraw and deposit money, check balances, transfer funds and more. The first ATM was installed in 1967 in London. Now ATMs are widely used, come in various types, and occasionally experience fraud, but precautions can help users stay safe.
IBM’s Point of View on Social Business.
What we have observed…
Knowledge is being created and shared at unprecedented rates. But many organizations aren't activating this collective knowledge.
What we have learned…
Social Business starts when you put people at the center.
To connect. To unlock insights from social interactions. To evolve to a customer-centric organization.
20,000 engagements later
Here’s what we believe about Social Business
Start with any of these 6 entry points to help you put Social at the heart of the modern enterprise.
1. Create open and authentic engagement between customers, employees and communities.
2. Create exceptional customer experiences through personalized and rewarding interactions based on customer insights
3. Create a collaborative workplace culture to engage talent and increase productivity.
4. Tap into analytics to measure, understand and drive business decisions to innovate faster.
5. Design and implement social strategies to transform organizational processes and best practices.
6. Manage a secure social platform that enables engagement while reducing risk and protecting intellectual capital.
Evolve your social business by putting people at the center.
Amplify the value of human connections.
The document discusses various electronic payment systems used for e-commerce transactions. It describes advantages and disadvantages of different systems including electronic cash, electronic wallets, smart cards, and credit cards. It provides details on how each system works, examples of implementations, and considerations regarding their adoption and success.
The document provides an introduction to business concepts including definitions of business, characteristics of business, nature of business, components and scope of business, factors of production, economic systems, environmental forces, SWOT analysis, and qualities of a good businessman. It defines business as human activities directed toward providing or acquiring wealth through buying and selling of goods. It outlines 12 key characteristics of business including capital, creation of utility, and risk. It also discusses the components of business as industry and commerce.
This presentation clearly about the basic introduction of business in a clear, simple, and easy way. So the students of business can easily learn about some important topics without any problem
This document provides an introduction to the concept of business. It defines business as human activities directed toward providing or acquiring wealth through buying and selling of goods and services. The key components of business are industry, which is concerned with production, and commerce, which involves the transfer of goods from production to consumers. Industry includes primary industries like extraction and agriculture, and secondary industries like manufacturing, construction, and services. Commerce includes domestic and foreign trade, with domestic trade divided into wholesale and retail, and foreign trade involving imports and exports.
This document discusses electronic cash (e-cash), which aims to create a digital payment system that mimics features of physical cash like anonymity and untraceability of payments. It defines e-cash and outlines its key properties such as having monetary value, being interoperable, storable/retrievable, and secure. The document also covers e-cash classification systems, underlying cryptographic techniques, potential regulatory challenges, and arguments for allowing non-government backed units of value for monetary freedom.
Advantages and disadvantages of cell phonesmehreenashfaq
Cell phones provide easy communication and access to the internet, calendars, cameras and alarms, but can be distracting and studies have found a possible link between heavy cell phone use and brain tumors. Cell phones are also expensive to own and operate.
The document provides information about ATM machines, including:
- It describes the basic functions of an ATM machine and how customers can access their bank accounts and perform transactions even when the bank is closed.
- It discusses the history and development of the first ATM machines in the late 1960s.
- It outlines the key components of an ATM machine, including the card reader, host processor, keypad/touchscreen, screen, receipt printer, cash dispenser, and their basic functions.
- It briefly explains how ATM machines connect to host processors and bank servers to authorize transactions and access customer account information.
To add money to a Paytm wallet, open the Paytm app and select "Add Money", enter the amount to add, and then complete the payment using a credit card, net banking, or debit card by providing bank name, card number, card holder name, valid date, CVV, and selecting the card provider.
Smart cards are credit card-sized cards with embedded microchips that can store up to 32,000 bytes of data. They come in two types - memory-only chips and microprocessor chips. Smart cards provide flexibility, security, and portability for applications like banking, mobile payments, ID verification, and access control. While smart cards offer advantages like increasing data storage and reliability, security remains a key disadvantage to address.
The document discusses money transfer options on the Paytm application. It describes two types of transfers: peer-to-peer (P2P) transfers between individuals via scanning a QR code or sending to a mobile number, and peer-to-bank (P2B) transfers where a user can send money directly to a bank account. It also provides instructions for printing one's own QR code and making P2P transfers by either scanning a code or sending to a mobile number.
Smart cards are plastic cards with embedded computer chips that store and transact data. They were first used in France in the 1980s for payment in pay phones. Contact smart cards have electrical contacts that connect to readers and transmit data via signals like power, reset, clock, and input/output. They are now used widely for banking, transportation, healthcare and more. Smart cards improve security over other machine-readable cards by providing secure authentication, encryption, passwords, biometrics and more. Standards like ISO 7816 and 14443 govern smart card interfaces and communication.
Paytm started as a mobile recharge platform and has grown to become one of India's largest e-commerce companies. It allows users to search, purchase, and pay for products from multiple categories through its mobile app using various payment methods including credit/debit cards and net banking. Paytm aims to provide a simple and secure shopping experience anywhere through features like its Paytm Wallet. While it has seen tremendous growth in users and transactions, Paytm also faces challenges in maintaining app performance with its large traffic and expanding offerings. It aims to leverage the growth in online shopping and smartphone usage through partnerships with major brands across industries.
Smart cards are credit card sized devices with embedded integrated circuits that can store and process data. They can be used for identification, authentication, data storage and more. The document outlines the history of smart cards from their invention in 1968 to modern applications. Key benefits include security, portability and ease of use. Examples of smart card applications provided are banking, healthcare, access control and telecommunications. Advantages include flexibility and security while disadvantages include potential fees and data access if lost or stolen.
Paytm generates revenue through various models such as commission from sellers, advertising fees, subscription fees, and interest from holding payments in escrow. It operates a marketplace where vendors can sell products and Paytm earns a commission. It also earns revenue from advertising on its site, annual subscription fees from sellers to list products, and interest from holding payments in escrow until delivery is confirmed. Paytm's revenue comes primarily from commissions, subscriptions, advertising, and escrow interest.
One97 Communications is India's largest mobile recharge and digital payments platform with over 400 million unique users and 1.3 billion daily transactions. It owns Paytm, which has over 22 million monthly visitors, 15 million active wallet users, and processes over 8 million transactions per month. Paytm provides quick and easy mobile and bill payments, and has become India's leading mobile e-commerce platform with over 20 million app downloads and more daily transactions than other players combined.
This document presents an ATM system project created by three students. The system allows customers to withdraw cash, transfer money between accounts, check balances, and change passwords using just an account number for authentication. It was developed using Java for the interface, MS Access for the backend database, and JDBC for connectivity. The system architecture includes a login screen and main menu. Key functions like cash withdrawal, money transfer, and balance inquiries are described. The document discusses why Java was chosen and how the database connection is established. It includes data flow diagrams and screenshots of the login screen and main menu. In conclusion, the project creates a flexible and efficient ATM system that could be enhanced with additional features like fingerprint scanning in the future.
ATM (Asynchronous Transfer Mode) is a connection-oriented networking technology that transmits data in fixed-size cells and can support different types of data and applications with quality of service guarantees. ATM uses virtual connections identified by virtual path and channel identifiers to transport cells through a network of ATM switches. The ATM architecture includes physical, ATM, and adaptation layers to encapsulate data for transmission and ensure interoperability between network elements.
Smart cards can hold up to 32KB of data and have encryption capabilities. They provide security for banking, mobile payments, and ID verification. Smart cards use microprocessors and memory to store and process encrypted data for transactions and access control through card readers. They provide flexibility, security, portability and increasing storage capacity compared to magnetic stripe cards.
This document discusses various electronic payment systems for e-commerce. It begins by defining e-payment as any digital financial transaction involving currency transfer between parties. It then outlines several modes of e-payment including payment cards, electronic cash, check free, check share, electronic wallets, and smart cards. For each method, it provides a brief introduction and overview of advantages and disadvantages. The document primarily focuses on explaining how payment cards, electronic cash, check free, electronic wallets, and smart cards work as options for electronic payments.
An ATM allows customers to access financial services without a human bank teller. It uses a card with unique account information and a PIN for security. An ATM has components like a card reader, keypad, screen and cash dispenser to withdraw and deposit money, check balances, transfer funds and more. The first ATM was installed in 1967 in London. Now ATMs are widely used, come in various types, and occasionally experience fraud, but precautions can help users stay safe.
IBM’s Point of View on Social Business.
What we have observed…
Knowledge is being created and shared at unprecedented rates. But many organizations aren't activating this collective knowledge.
What we have learned…
Social Business starts when you put people at the center.
To connect. To unlock insights from social interactions. To evolve to a customer-centric organization.
20,000 engagements later
Here’s what we believe about Social Business
Start with any of these 6 entry points to help you put Social at the heart of the modern enterprise.
1. Create open and authentic engagement between customers, employees and communities.
2. Create exceptional customer experiences through personalized and rewarding interactions based on customer insights
3. Create a collaborative workplace culture to engage talent and increase productivity.
4. Tap into analytics to measure, understand and drive business decisions to innovate faster.
5. Design and implement social strategies to transform organizational processes and best practices.
6. Manage a secure social platform that enables engagement while reducing risk and protecting intellectual capital.
Evolve your social business by putting people at the center.
Amplify the value of human connections.
The document discusses various electronic payment systems used for e-commerce transactions. It describes advantages and disadvantages of different systems including electronic cash, electronic wallets, smart cards, and credit cards. It provides details on how each system works, examples of implementations, and considerations regarding their adoption and success.
The document provides an introduction to business concepts including definitions of business, characteristics of business, nature of business, components and scope of business, factors of production, economic systems, environmental forces, SWOT analysis, and qualities of a good businessman. It defines business as human activities directed toward providing or acquiring wealth through buying and selling of goods. It outlines 12 key characteristics of business including capital, creation of utility, and risk. It also discusses the components of business as industry and commerce.
This presentation clearly about the basic introduction of business in a clear, simple, and easy way. So the students of business can easily learn about some important topics without any problem
This document provides an introduction to the concept of business. It defines business as human activities directed toward providing or acquiring wealth through buying and selling of goods and services. The key components of business are industry, which is concerned with production, and commerce, which involves the transfer of goods from production to consumers. Industry includes primary industries like extraction and agriculture, and secondary industries like manufacturing, construction, and services. Commerce includes domestic and foreign trade, with domestic trade divided into wholesale and retail, and foreign trade involving imports and exports.
The document discusses the classification of business activities into industry and commerce. Industry is related to the production of goods and materials through activities like extraction, manufacturing, and construction. Commerce is mainly concerned with the distribution of goods and includes trade and aids to trade. Trade involves buying and selling, while aids to trade facilitate the flow of goods and include transportation, warehousing, insurance, advertising, and banking. E-commerce is also introduced, which refers to buying and selling of goods and services over computer networks and the internet.
This document discusses different types of business activities. It begins by defining business activity as any economic activity carried out for the purpose of earning profits, such as production, operations, marketing, and administration. It then categorizes business activities based on their functions into industry, commerce, and trade. Industry includes activities like extraction, manufacturing, and construction. Commerce includes domestic and foreign trade as well as wholesale and retail trade. Trade aids like transportation, banking, warehousing, and insurance are also discussed.
Meaning of business, Classification of Business, Industry, types of industry, commerce, trade, aids to trade, forms of business, sole proprietary concerns, cooperative society, meaning, characteristics, advantages and disadvantages, partnership firms, meaning, characteristics, advantages and disadvantages, types of partners, LLP.
This document provides an introduction and table of contents for a course on Introduction to Business (MGT211). It outlines 45 lessons covering topics such as organizational structures, business organizations, marketing, accounting, and finance. The lessons progress from introductory concepts to more specialized topics within each business discipline.
This document provides definitions and explanations of key commerce concepts. It defines business as the production and selling of goods and services to create wealth. Commerce is defined as activities that facilitate trade and the free flow of goods and services from producers to consumers. The document also outlines the components of commerce like trade and aids to trade. It describes different types of industries like genetic, extractive, manufacturing, construction and service industries.
Production involves transforming inputs (factors of production) into outputs through a process of creation. The main factors of production are land, labor, capital, and entrepreneurship. Land refers to all natural resources and is in fixed supply. Labor is human effort that is perishable. Capital consists of man-made goods used for further production. Entrepreneurship involves organizing and combining the other factors of production. The utility of goods and services can increase through changing their form, location, or the timing of when they are available, which contributes to overall production and redistribution in the economy.
This document provides an overview of entrepreneurship and village entrepreneurship development. It discusses definitions of entrepreneurship, the history of entrepreneurship worldwide and in India, important qualities of entrepreneurs, steps in the entrepreneurial process, opportunities in agricultural entrepreneurship, and case studies of successful agricultural entrepreneurs. The document aims to educate about entrepreneurship concepts and their application to village development.
This document discusses the scope of business, including industry and commerce. It covers the different types of industries - extractive, genetic, constructive, manufacturing, and service. It also discusses the different types of commerce - internal and external trade, as well as aids to trade such as transportation, insurance, warehousing, banking, and advertising. Finally, it defines a business system as interconnecting all parts of an organization to work together to achieve strategies and objectives like improved performance, meeting customer expectations, consistent results, employee engagement, and reduced costs and increased profits.
The document discusses the meaning, nature, scope and types of business. It defines business as the production or purchase and sale of goods and services with the main objective of earning a profit. The nature of business includes production or acquisition of goods, profit as the basic motive, and risk and uncertainty. The scope of business is wider than trade and commerce and includes industry, commerce, and trade. Industry can be extractive, genetic, constructive, manufacturing or service. Commerce involves buying and selling. Trade includes internal and external trade. Transportation, insurance, warehousing, banking and advertising are described as aids to trade.
This document provides a summary of Adam Smith and key concepts from his work, including:
- The Industrial Revolution led to increased factory production and specialization of labor.
- Smith introduced the concept of the "invisible hand" to describe how free markets reach equilibrium through individuals pursuing self-interest.
- He analyzed the division of labor and believed it increased productivity but could lead to negative effects like monotony.
- While self-interest drives markets, Smith believed morality and ethics were also important to a well-functioning society.
The document provides an overview of the components, scope, and branches of business. It discusses that business can be divided into industry and commerce. Industry involves the production of goods and services and includes primary and secondary industry. Commerce involves the transfer of goods and includes trade and aids to trade. It then describes the various types of primary and secondary industry, trade, and aids to trade such as banking, transportation, insurance, agents, and advertising.
Introduction to Business Organisation Business:
Meaning, Nature, Scope and
Social responsibility of Business,
Objectives,
Essentials of successful business,
Functional areas of business.
Concept of Business Organization.
1. Business involves the production, distribution, and sale of goods and services with the goal of earning a profit. It can take various forms like sole proprietorships, partnerships, corporations, cooperatives, and public enterprises.
2. Business activities are commonly divided into industries, commerce, and services. Industries involve manufacturing goods, commerce focuses on distribution, and services provide intangible assistance.
3. Industries are further divided into extractive, genetic, manufacturing, and construction. Manufacturing converts raw materials into finished goods through analytical, synthetic, processing, or assembly line methods.
The document defines and classifies different types of industries. It discusses primary industries that extract raw materials from the land and sea like mining, farming, and fishing. Semi-manufactured goods are produced by one industry but require further processing in another industry. Manufactured goods are ready for consumers or other users, and are classified as capital/producer goods used to make other goods or consumer goods for end use. The document then describes genetic industries that breed or multiply plants/animals, extractive industries that obtain natural resources, and manufacturing industries that process raw materials into finished products through analytical, synthetic, processing, assembling, construction, or service activities.
The document defines four main types of industries: primary, secondary, tertiary, and quaternary. Primary industries involve extraction of raw materials from the earth. Secondary industries convert raw materials into finished goods through manufacturing. Tertiary industries provide services to other businesses and individuals rather than producing physical goods. Quaternary industries are high-tech and focused on research and development.
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4study presented by a Big 4
Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
The E-Way Bill revolutionizes logistics by digitizing the documentation of goods transport, ensuring transparency, tax compliance, and streamlined processes. This mandatory, electronic system reduces delays, enhances accountability, and combats tax evasion, benefiting businesses and authorities alike. Embrace the E-Way Bill for efficient, reliable transportation operations.
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
1. Lecture 1
INTRODUCTION
CONCEPT OF BUSINESS
Literally, the word “business” means the state of being busy. Generally, the term business
includes all human activities concerned with earning money. In other words, business is an
activity in which various persons regularly produce or exchange goods and services for
mutual gain or profit. The goods and services produced or purchased for personal use are
not included in “business”.
DEFINITION
1. According to L. H. Haney
“Business may be defined as human activities directed toward providing or acquiring
wealth through buying and selling of goods.”
2. James Stephenson says that:
“Every human activity which is engaged in for the sake of earning profit may be
called business.”
3. 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.
Structural Diagram
Business
Buying and
Selling
Buying and
Selling
Wealth
3. A businessman deals in production or purchase of goods. These goods are supplied to the
people. So, it is necessary that more goods should be produced so that demand of people
may be fulfilled.
9. Regular Transaction
Business has a nature of regular dealings and series of transactions. So, in business, only
those transactions included which have regularity and continuity.
10. Risks and Uncertainty
Business involves a large volume of risk and uncertainty. The risk element in business keeps
a person vigilant and he tries to ward off his risk by executing his policies properly.
11. Sale or Transfer for value
Another characteristic of business is the sale or transfer of goods for value.
12. Social Welfare
Business does not only satisfy the producer, but also the consumer when products are
offered for sale at low prices in markets.
NATURE OF BUSINESS
The following points state the nature of business in brief:
1. Economic Activity
Business is an economic activity as it is concerned with creation of wealth through the
satisfaction of human wants.
2. Human Activity
Business is an economic activity and every economic activity is done by human beings.
Thus, business is one of the most important human activities.
3. Social Process
Business is run by owners and employees with the help of professionals and customers.
Thus, business is a social process.
4. System
Business is a systematic arrangement of various elements, which leads to the attainment of
particular objective, according to a well‐established plan.
5.
1. PRIMARY INDUSTRY
Primary industry is engaged in the production or extraction of raw materials, which are used
in the secondary industry. Primary industry can be divided into two parts:
(a) Extractive Industry
(b) Genetic Industry
(a) Extractive Industry
Extractive industries are those industries, which extract, raise or produce raw material from
below or above or above the surface of the earth. For example, fishery, extraction of oil,
gas and coal etc.
(b) Genetic Industry
Genetic industries are those, which are engaged in reproducing and multiplying certain
species of animals and plants. For example, poultry farm, fishing farm, diary farm, plant
nurseries etc.
2. SECONDARY INDUSTRY
These industries use raw materials and make useful goods. Raw material of these industries
is obtained from primary industry. Secondary industry can be divided into three parts:
(a) Constructive Industry
(b) Manufacturing Industry
(c) Services Industry
a) Constructive Industry
All kinds of constructions are included in this industry. For example, buildings, canals, roads,
bridges etc.
b) Manufacturing Industry
In this industry, material is converted into some finished goods or semi‐finished goods. For
example, textile mills, sugar mills etc.
c) Services Industry
These industries include those industries, which are engaged in providing services of
professionals such as lawyers, doctors, teacher etc.
6. COMMERCE
Commerce is the second component of business. The term “commerce” includes all
activities, functions and institutions, which are involved in transferring goods, produced in
various industries, from their place of production to ultimate consumers.
In the words of Evelyn Thomas:
“Commercial occupations deal with the buying and selling of goods, the exchange of
commodities and distribution of the finished goods.”
In simple words, “trade and aids to trade” is called commerce.
SCOPE OF COMMERCE
The scope of commerce can be explained as:
1. Trade
2. Aids to Trade
Commerce
Trade Aids to trade
1. TRADE
Trade is the whole procedure of transferring or distributing the goods produced by different
persons or industries to their ultimate consumers. In other words, the system or channel,
which helps the exchange of goods, is called trade.
TYPES OF TRADE
There are two types of trade:
(a) Home trade
(b) Foreign Trade
Trade
Home Trade Foreign Trade
7. (i) Wholesale Trade (ii) Import Trade
(ii) Retail Trade (ii) Export Trade
(a) Home Trade
The purchase and sale of goods inside the country is called home trade. It is also known as
‘domestic’, ‘local’ or ‘internal trade’. Home trade has two types:
(i) Wholesale Trade
(ii) Retail Trade
(i) Wholesale Trade
It involves selling of goods in large quantities to shopkeepers, in order to resale them to the
consumers. A wholesaler is like a bridge between the producers and retailers.
(ii) Retail Trade
Retailing means selling the goods in small quantities to the ultimate consumers. Retailer is a
middleman, who purchase goods from manufacturers or wholesalers and provide these
goods to the consumers near their houses.
(b) Foreign Trade
Trade or exchange of goods and services between two or more independent countries for
their mutual advantages is called foreign trade. It is also called international trade. Foreign
trade has two types:
(i) Import Trade
(ii) Export Trade
(i) Import Trade
When goods or services are purchased from other country it is called import trade.
(ii) Export Trade
When goods or services are sold to any other country it is called export trade.
2. AIDS TO TRADE
Trade mans biting and selling of goods, whereas, aids to trade means all those things which
are helpful in trade.
a) Banking
b) Transportation
8. c) Insurance
d) Warehousing
e) Agents
f) Finance
g) Advertising
h) Communication
(a) Banking
In daily business routine, commercial banks and other financial institutions help the seller
and the buyer in receiving and the buyer in receiving and making payments.
(b) Transportation
The goods which are manufactured in mills and factories, reach the consumers by different
means of transportation like air, roads, rails, seas etc.
(c) Insurance
The transfer of goods from one place to another is not free from risk of loss. There is a risk
of loss due to accident, fire, theft etc. The insurance companies help out the traders with
this problem through insurance policy.
(d) Warehousing
The manufacturers today, produce goods in large quantity. Therefore, a need for
warehouses arises in order to store the manufactured goods.
(e) Agents
They are the persons who act as the agents of either buyer or seller. They perform these
activities for commission.
(f) Finance
A large amount is needed to set up an industry. Financial institutions provide long‐term
finance to the producers. The producers alone are unable to manufacture goods without
financial help.
(g) Advertising
The consumer may sometimes, not know about the availability of goods in the market. The
producer must sell his goods in order to remain in business. Advertisement is an easy way
to inform the large number of customers about the goods. This can be done through TV,
newspapers, radio etc.
10. ECONOMIC SYSTEM
Economic system is defined a system for allocation of resources. Commonly, it has following
two types as below:
a) Planned economy
b) Free market economy
a) Planned economy
In planned economy the government decides that how many resources are to be generated
and how these resources will be allocated. In this system government determines the key
economic functions. How the factor of production will be utilized and how much will be the
economy’s output is decided by the government.
b) Free market economy
In free market economy demand and supply in the market determines the allocation for
resources with little or no government intervention. In this economy market mechanism
decides the key economic functions (what, for whom and how to produce). Free market
economy increases the efficiency and productivity, firms and organizations with better
quality products and low costs (produced efficiently) will survive in the market.
ENVIRONMENTAL FORCES
Forces that influence the performance of organizations can be divided into two categories
as under:
1) External Factors (External Environment)
2) Internal Factors (Internal Environment)
External Factors:
External factors are the factors which are found outside the organization. These factors are
not controllable by the organization. External factors bring the opportunity or threat for the
organization. External factors include technological factors, economy of the country,
political and legal factors, socio‐cultural factors and demographic factors.
Internal Factors:
Internal factors are the factors within the organization that affect the performance of
business. Strengths or weaknesses of the organization are the internal factors. Strengths
may include experienced and trained workers, strong financial resources, strong brand
name, good reputation and organizational culture and weaknesses of an organization may
11. include lack of sufficient capital, weak brand name, poor reputation, inexperienced and
untrained workers.
SWOT Analysis:
SWOT analysis is an analysis of an organization’s strengths, weaknesses, opportunities, and
threats. Strengths and weaknesses are the part of internal environment and opportunities
and threats are the part of external environment. SWOT analysis helps an organization to
focus on strengths, to reduce weaknesses, to exploit the opportunities and to neutralize
threats.
Strengths:
Strengths are the capabilities of an organization that enable it to perform efficiently.
Strengths may include skilled manpower, strong financial resources, strong brand name,
good reputation and organizational culture, well established distribution network etc.
Weaknesses:
Weaknesses are the internal characteristics of an organization that prohibit it to perform
well. Organization’s weakness may include lack of sufficient capital, weak brand name, poor
reputation, unskilled manpower, inefficient management, poor distribution channels etc.
Opportunities:
Opportunities are the external environmental factors that may bring the prospects for
growth and higher performance. For example: technological advancement, market
developments, changes in lifestyle, changes in government regulation related to your
business.
Threats:
Threats are the external environmental factors that may undermine the organization’s
performance. For example, new regulation that may affect the business, changes in
consumer tastes, if an organization does not adopt new developed and modern technology
it will be become a threat for the organization.