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325960
How business responds to the needs and wants in the community and be responsible the society?
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Mind Map on How business responds to the needs and wants in the community and be responsible the society?, created by carrietsai on 04/11/2013.
Mind Map by
carrietsai
, updated more than 1 year ago
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carrietsai
over 10 years ago
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Resource summary
How business responds to the needs and wants in the community and be responsible the society?
What is Business?
A decision-making organization involved in the process of using inputs to produce goods and/or services.
Needs and Wants
Businesses respond to the conditions of the marketplace
Needs
Something that you can't live without
Food
Air
Wants
Something that you desire
iPhone
Luxury
Chain of Production
Classification of 4 sectors
Primary Sector
Raw materials
Secondary Sector
Generate raw materials to manufacture products
Tertiary Sector
Transportation and Service
Quaternary Sector
Advertisment
Industry Assiocation
Industry
Firms that give out similar products or services
Assiocation
Industries that shares common interest
Advantages
Share and trade information
Having connection with other companies
Starting a buisness
Purpose
Challenences
Business Sectors
Key to sucessed
Ownership
Sole Partnership
owned by a single person
Commonly use in business
Partnership
2 or more owner
increase person liability
Coporation
Private Limited Company
Public Limited Company
Ecomonics
Surplus
Quantity demanded < Quantity supplied
Shortage
Quantity demanded > Quantity supplied
Demand
amount of products or service that buyers could buy
Law of demand = any factors constant
Supply
Law of supply = any factors constant
Price increase = supply increase
Equilibrium point
The demand and supply curve intersect
Quantity demanded
level of demand at a certain price
Quantity supplied
Level of supply at a certain price
Ecomonic Shock
Supply curve to shift
Environmental Issues
Cost of inputs
Demand curve to shift
Market Size
Consumer income
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