1.1What is Business?
1.2 end of Business
1.3Economic Systems
1.3.1Types of Economic System
1.4Factors of Production
1.5Private Enterprise System
Chapter Aims
This chapter aims to:
?Introduce the basic concepts of business and economic system; profit, types of economic system, factors of production and private enterprise.
1.1.What is Business?
Do you realize that these three course carry the same import?
Firm
Enterprise
Business
If you come across the words firm, enterprise, or business, one(a) thing that you should know is all of them mean the same. What do these words actually mean?
Business can be delimitate as an organization which operates with the aim of generating profits by marketing one or more products.
Business can in addition be interpreted as an organization which objective is to do profits by providing goods or services.
Can you spot the simile in both of the definitions? Yes, business is all about make money through the sale of products, be it goods or services.
quintette Stars conversation Sdn. Bhd. was set up a year ago by Mr. Radzi Abdullah. It manages a variety of cell phones and their accessories.
Apart from that, fin Star too renders repair services of cell phones to its customers. For the twelve-month stoppage ending December 31, 2008, the company was expected to generate a profit of RM50 000.
As you can see from the scenario given, Five Stars Communication Sdn. Bhd. is an organization operating with the objective of earning profits (in this case, RM50 000) from the sale of bigeminal products which constitute of cell phones, cell phone accessories, as rise as repair services.
Now that you have learnt what business is, assay and list down two businesses in your neighborhood that sell goods, two that sell services, and another two businesses that offer both.
1.2.The Goal of Business
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