Concept of Business and Development of Business Culture
Business - any activity involved in the production and distribution of goods and services.
Relationship between business and the economy
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Industry - group of business firms offering similar goods and services.
Elements of Business System Capital (MONEY) Entrepreneur (MANAGEMENT SKILL) Land (MATERIALS) Labor (MANPOWER)
Why People Engage in Business "Hierarchy of Needs" by: Abraham W. Maslow Self-fulfillment - goal or ambition Physiological need - essential needs for survival Ego or Self-esteem - self-recognition or group satisfaction. Safety need - security, stability or protection Social need - group of belongingness, affection, love, and friendship.
Kinds of Business Industry - extractive industries: farming, fishing and mining. Services - satisfaction of the needs and wants of the consumers. Commerce - ex. Shoe Mart, Rustan's, Robinsons, National Bookstore and etc. Manufacturing Industries - Nokia, Honda, Shell, Purefoods and etc.
Legal Forms of Business Ownership Sole Proprietorship - it should be registered in the name of only one person. Partnership - two or more persons agreement is required to be in writing. Corporation - created by the operation of law.
