How business responds to the needs and wants in the community and be responsible the society?

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

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How business responds to the needs and wants in the community and be responsible the society?

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