Business

The Nature of Business Businesss, through the many products they claim and sell, at once determine the: * Creation of wealth * train aim of employment and income * Number of inventions and innovations * Level of economic outgrowth * Quality of lifespan * Opportunities for smart seam entrants * Level of face and nurture * Amount of exports * Amount of choice available to customers THE practice session OF BUSINESS A business can be define as the arrange effort of individuals to produce and sell, for a profit, the products that touch individuals needs and wants. Inputs: are raw materials that go through the assist of manufacture to become outputs, goods ready to sell. string up to of production = appraise of sales prize of intermediate products (Used in production) Operating expenses: are the costs involved in the daily operation of the business. cornerstone: occurs when something already established is ameliorate upon. Value adding is the creation of especial(a) or added grade as raw materials are transform into intermediate or finished products though the different stages of production. The value of production is the total value added by a producer.

Value added: is the difference between the cost of the raw materials bought from external the business and the amount received from customers when the product is sold. SOCIAL AND economic ROLES OF A BUSINESS Innovation: occurs when something already established is improved upon. Quality of life refers to the overall wellbeing of an individual a nd is a combination of two material and non! -material benefits. Businesss use research and development to: * Improve existing products * Create new products * Develop to a greater extent efficient shipway of distributing and marketing the products Choice is the act of selecting among alternatives. An entrepreneur is someone who starts, operates and assumes the hazard of a business...If you want to get a full essay, holy order it on our website: OrderEssay.net

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