Business

• business describes the use of resources and activities to produce goods and services essential in our daily lives to satisfy the needs of our society.
• factors of production is CELL. stands for capital, entreprenuership, labour and land
• factors of production are resources used by business to generate outputs for society
• capital refers to the funds necessary to finance the operation of a business. these funds may be investments by the owners or shareholders, a loan from a bank or ptofits retained by the business.
• entreprenuership refers to the risk-taking by the owner in operating the business. it may manage the business or engage a team of professional managers to operate the business on his behalf. They are the one who organises the different factors of production to provide goods and services.
• labour refers to physical and mental input of the people who work for the business to produce goods and services.
• land refers to the natural resources or tangible inputs used in the production process. examples, rock or metal.
• owner of a business provide him with profit and personal satisfaction.
• employee provide him eith work and therefore income.
• society provide economic goods and services that satisfy the wants and needs of the people
• shareholders is a person or a group or an organization with a vested interest of stake in the desicon-making and activities in a business.
• workers depend on the business' financial sucess because their future careers and incomes depnd o it.
• workers' unions should have a cooperating relationship between labour and management to increase productivity. it willl lead to increased receptivess to change, reduced conflict, turnover and absenteeism. improved morale, innovation productivity and product quality, enhanced job security or job stabilty and favourable corporate reputaion
• suppliers must be sure about business' abilityto buy and pay for their materials, goods and/or services
• customers must be sure that business is able to supply them woth goods and services that will meet their requirements. As the needs of customers changes, business should innovate to enchance their goods and services to adapt to these changes.
• government enterprise produces goods and provides services using the various resources of production avaible in society.
• welafare organizations are where they can demonstrate their social responsibility. They can offer financial contributions to these welfare organizations of participate through volunteerism and the provision of professional services.
• globalisaion is the process of interaction and integration among people , companies and governments worldwide.
• positive effects of globalisation are better products and security.
• better products has benefitted the consumers as they are able to enjoy products of better quality.
• security has enhanced worldwide security
• negative effects of globalization are environmental damage, fluactuation in prices and job insecurity
• SWOT analysis are strength, weakness, operatio and threats.

  strength and weakness are internal environmental factors.

  operation and threats are external environmental factrs
• strength are things that company does especially well.

  weakness are areas that company can improve on.
• opportunities is where company's external environment that allows the company to grow.

  Threats are factors that negatively affect the company, which the company have no control over
• external company uses PEST, stands for political, economic, social and technological.
• ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers.
• minstry of manpower aims to develop a productive workforce and progressive workplaces, for singaporeans to have better jobs and a secire retirement
• Globalisation is the process of interaction and integration among people, companies and governments worlwide
• positive effects of globalisation are better products and security
• negative effects of globalisation are fluctuation in prices, environmental damage and job insecurity
• environmental damage is the increased production means increased utilisation of natural resources
• if demand increases, prices will decrease
• demand is how much of a product or service is desired by buyers
• supply is how much the market can offer
• supply is how much the market can offer
• ecocnomic growth goes through trade cycles recessions/slumps and growth/booms
• interest rate is the amount a lender charges a borrower for use of an asset
• exchange rate is the value of the dollar in terms of the currencies
• strong dollar means you need more currencies to exchange for one dollar