SOPHA
Unit 1 Tutorials: The Environment of Business
INSIDE UNIT 1
Basics of Economics and Business
.What Is Business?
Business Environments - Economic Systems - Supply and Demand Economics
Options and Challenges of Businesses
. Small Business and the Entrepreneur Non-Corporate Business Types of Corporations : The 3 Part Business Plan : The Small Business Franchise Small Business Success or Failure?
Social Responsibility and a Global Environment
Ethics as a Lifestyle . Models of Social Responsibility and Considering the Stakeholder Steps to Creating a Social Responsibility Program . Stances to Social Responsibility Issues : Case Study: Ethics : Global Economy : Global Markets - Interactions within the Global Economy
What Is Business?
by Sophia Tutorial
WHAT'S COVERED
When you hear the term, "business," what do you think of? Do you think of businesses in general? Do you think of the study of business, like we're doing now? Do you think of a small mom and pop
HIA Learning,LLC
Pag
as follows: 1. What Is Business? a. What Do Businesses Do?
b. Why Study Business
c. Profit vs. Loss 2. Free Enterprise System 3.Basic Economics of Business 4. Entrepreneurship
1. What Is Business?
A business is simply an organization that attempts to earn a profit through the sale of goods or services. Those goods or services can be practically anything you can think of, but what they all have in common is that they fulfill a need or a want in our everyday life.
like the brand new Sea-Doo, or the latest model car or electronic device--things that we don't necessarily need to survive, but we want.
TERM TO KNOW
Business An organization that attempts to earn a profit through the sale of goods or services
1a. What Do Businesses Do?
Business help do several things, such as:
Create quality of life by providing the goods and services--those wants and needs--that we consume every day Provide a choice for what it is we want to buy. Do I want to buy a Mac, for example, or do I want to buy a PC? * Provide opportunities, not only for us as consumers, with the wide array of products that we have to choose from, but also for new startup companies to enter the market and exploit a niche in the market, a gap in those wants and needs that they see. They also provide opportunities for jobs for people like you and me.
1b. Why Study Business?
What is important about business? Well, the study of business impacts your job and your job search. regardless of the field that you're in. Understanding what's going on around you and the terms of business not only helps you to be a better employee, it also helps make you a more valuable and more sought-after employee.
understand, for example, if you are getting a good deal on a loan or not.
1c. Profit vs. Losses
Two important aspects of all businesses are profit and losses.
Profit: This is what remains after all business