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12 Pages • Topic Notes • Year: Pre-2021
The Role of Business The Nature of Business ➢ Producing Goods and services What is the nature of a business for ‘producing goods’ and ‘services’? An organisation that attempts to satisfy the needs and wants of the community by providing goods and/or services. Businesses play an important part in satisfying our needs and wants as consumers. Define ‘producing goods’ Production refers to those activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants. Define ‘services’ Services are things done for you by others. ➢ Profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality life Profit: Profit is essential if a business is to meet day-to-day expenses (such as production costs, wages, insurance, electricity and rent) and provide a return on the owners’ financial investment. Employment: With this labour, businesses are able to offer the community a diverse range of goods and services. In return for their services, a business will pay a form of income to their workforce. Incomes: Income is money received by a person for providing his or her labour, or a business from a return on its investments. Choice: A primary function of business is to produce goods and services for consumers to satisfy their needs and wants. This in turn provides consumers with choice. Innovation: This is the process of improving the features of a product. Entrepreneurship and risk: Entrepreneurs take risks by developing strategies for their ideas to come to fruition. Wealth creation: By increasing sales and developing strategies to promote brand awareness and sales, the management of a business hopes to increase the value of the organisation. Quality of life: Business research and development has also contributed to a significant improvement in our quality of life.
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