econ (ppt)

• Types of industries

  • Agribusiness
  • Manufacturing
  • Retail
  • Services
  • International Trade
• Agribusiness

  • Plays a critical role in feeding the world's growing population, supporting rural livelihoods, driving economic development, and contributing to food security, nutrition, and environmental sustainability. 
• Manufacturing

  • Plays crucial role in driving economic growth, creating jobs, fostering innovation, and meeting consumer demand for a wide range of goods and products across industries. 
  • The backbone of industrial economies.
• Retail

  • Refers to the process of selling goods or products directly to consumers for personal or household use. 
  • Play a crucial role in the distribution and marketing of products, providing a wide range of options, convenience, and customer service to meet consumer needs and preferences.
• Retailers 

  • Purchase goods from wholesalers or manufacturers and sell them in smaller quantities to individual customers through various channels.
• Retail Establishments

  • May include supermarkets, department stores, specialty shops, convenience stores, malls, e-commerce websites, and mobile apps.
• Services

  • Encompass a broad range of intangible offerings provided to consumers or businesses, often involving expertise, skills, or labor rather than physical products.
  • Include sectors such as healthcare, education, finance, hospitality, transportation, etc.
• Services are perishable. It cannot be stored or resold and are focused on delivering quality experiences.
• International Trade

  • Plays a vital role in fostering economic growth, supporting job creation, promoting innovation, and enhancing living standards around the world. 
  • It enables countries to specialize in the production of goods and services in which they have a comparative advantage.
• Competition

  • Is a situation in which one company tries to be more successful than another.
• Customers

  • Is an individual or business that purchases another company's goods or services.
• Suppliers

  • Is an entity that provides goods and services to another organization.
• Competitors

  • Is a rival business whose activities have the potential to reduce another business's share of the market.
• Substitutes

  • Play an important part in the marketplace and are considered a benefit for consumers. They provide more choices for consumers, who are then better able to satisfy their needs. 
• SWOT

  • Strength, weaknesses, opportunities, threats.