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    Business involves activities that satisfy human needs and wants through the provision of goods and services for private profit. Common features of business include satisfying needs and wants through goods and services, while seeking private profit. Studying business is important for understanding increasing dependency on others, international opportunities, maintaining standards of living, coping with change, and preventing misconceptions. Businesses have financing, investing, operating, administrative, production, marketing, distribution, engineering, accounting, and research activities. Objectives include survival, growth, social responsibility, and profit. Characteristics are being a social institution, creating utility, operating continuously, using money and generating value, taking risks, and providing services.

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    Business involves activities that satisfy human needs and wants through the provision of goods and services for private profit. Common features of business include satisfying needs and wants through goods and services, while seeking private profit. Studying business is important for understanding increasing dependency on others, international opportunities, maintaining standards of living, coping with change, and preventing misconceptions. Businesses have financing, investing, operating, administrative, production, marketing, distribution, engineering, accounting, and research activities. Objectives include survival, growth, social responsibility, and profit. Characteristics are being a social institution, creating utility, operating continuously, using money and generating value, taking risks, and providing services.

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    16 views13 pages

    BUs Service

    Uploaded by

    kdfohasfowdesh
    Business involves activities that satisfy human needs and wants through the provision of goods and services for private profit. Common features of business include satisfying needs and wants through goods and services, while seeking private profit. Studying business is important for understanding increasing dependency on others, international opportunities, maintaining standards of living, coping with change, and preventing misconceptions. Businesses have financing, investing, operating, administrative, production, marketing, distribution, engineering, accounting, and research activities. Objectives include survival, growth, social responsibility, and profit. Characteristics are being a social institution, creating utility, operating continuously, using money and generating value, taking risks, and providing services.

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    of 13

    Business & its Environment

    Lecture 1: Introduction

    Business
    Business in an activity that satisfies human needs and wants by providing goods or services for private profit. Raymond Gloss & Harold Baker: Business is basically an activity of people working individually or with others for the purpose of producing & selling the goods or services that country requires.

    B. O. Wheeler: Business is an institution organized & operated to provide goods & services to the society under the incentive of gain.

    Common Features:
    Satisfying needs and wants- The guiding principle Goods and Services the means to satisfy human needs and wants. Private profit- the payoff for satisfying needs So, an organization that earns profit by providing goods & services desired by its customers to satisfy their needs is called business.

    Why study business? Skinner & Ivancevich


    Increasing dependency on others International opportunities Maintain standard of living Coping with change Preventing misconceptions

    Activities of business
    Financing activities Investing activities Operating activities

    Administrative Production Marketing & distribution Engineering Accounting & control Research & development Other related activities

    Business Objectives
    Survival, growth & social responsibility Profit

    Nature of Business
    Profit making institution Risk Creation of utility Use of capital Monetary value Regular transactions Service orientation

    Characteristics of business
    Social institution Creation of utility Going concern Monetary value Profit motive Regular transactions Risk Innovation Service orientation

    Stages of development of modern business


    Self economy Barter system Monetary system Handicraft system Guild system Domestic system Factory system

    What trends & challenges does business need to be aware of for tomorrow? The growing scarcity of resources The importance of international business The challenge of technology The need for improved productivity The increased importance of businesss social responsibility

    The Economic Foundation of Business


    Economic Systems Communism Socialism Capitalism Mixed Economics The Free Enterprise System The Forces of Demand and Supply The Nature of Competition Economic Cycle and Productivity

    THE END

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