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27 Pages • Complete Study Notes • Year: Pre-2021
includes all areas of preliminary business studies syllabus 2017-18 and has relevant summary notes on all topics e.g. nature of business: • Businesses play crucial role in society, largely as a determinant of standard of living • Small to Medium Enterprises (SME’s) make up about 98% of AUS businesses • Business – the organised effort of individuals to produce and sell, for a profit, the goods and services thus satisfy individuals needs and wants • As a producer of goods and services: o Undertake activates to provide the products demanded e.g. marketing, distribution management o Production – combining resources to create products o Commonality across all businesses • As a collector of profit: o Profit = revenue – expenses/cogs (cost of goods sold) o Reward for entrepreneurial risk • As an employer: o SME’s provide employment for 70% of AUS private sector • As a provider of income: o Generates wages/salaries for employees, profits from business owners and dividends for shareholders • As a provider of choice: o Provides freedom of choice between brands; colours, style etc. at competitive prices • As a creator of innovation: o Research and development (R & D) leads to inventions and innovations o Provides new and/or higher quality products to previous -> ultimately improve QOL • As an entrepreneurial opportunity: o Incentive for profit opens new/more (majority) of businesses o Risk/return – factor when deciding whether to initialise business o Entrepreneurs: transform their ideas into a new business, driven by potential profit • As a distributor of wealth: o Consumers (taxes) --- Business itself (retained profits) o Shareholders (Dividends) --- Lenders (loan repayments) o Employees (Salaries/Wages) • As an improver of quality of life (QOL): o Quality of Life: overall wellbeing of an individual o Produce products that enable use to satisfy many wants, increasing QOL
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