BusUnit1GC

Economics

November 9, 2011

Economics is the study of how people choose to use resources. Economics shock, demand and supply are all important parts of economics. Economic shock is mainly when an event that can cause a sudden, drastic change in an economy. For example, if it were suddenly discovered that there is no more oil in the world, this [...]

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Competition

November 9, 2011

Direct competition in modern day business defines an economic situation where two or more firms offer essentially the same good or service that fulfills the same need(s) or want(s) of a costumer. For most of the time, between two direct competitors, because competition takes place between the two, the rise and fall of prices in [...]

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Classifying Business

October 8, 2011

  Classifying Business- There are 3 things when classifying business. They include ownerships forms, franchise, business types. Ownerships forms include partnerships, private limited companies, public limited company, sole proprietorship. Franchise is a business in which the owners, or franchisers, sell the rights to their business logo and model to third parties, called franchisees. Business types include [...]

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Starting a Business

October 4, 2011

When one wants to earn a lot of money or transform their hobby into a job, they would start a business. Business can be one of the most rewarding and challenging job ever to start and stabilize, coupled with unremarkable experience. During the process of starting a business, the owner will face problems, usually finance [...]

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Chain of Production

October 2, 2011

The chain of production consists of the various which add value to the manufacture of the end product. My group mate and I made a video on the chain of production of a shirt.  I believe that chain of production is an important part of business. Almost all products made involve the chain of production. [...]

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Needs and Wants

October 1, 2011

Every country has different needs and wants. Needs is somehow a necessity, which is something we must have in order to survive, like air and water; while wants is something we want to have, and that we can still survive without such. For many developing countries, for instance Zimbabwe, one of the main wants from [...]

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What is business?

September 30, 2011

Business is an economic system in which goods and services are exchanged from one another or money.In order for a business to be successful, investment, sufficient number of customers, a good fundamental base would usually be the key to success. Since the guiding question is ‘How do organizations respond ethically to the needs and wants of markets? ’, understanding what [...]

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