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Unit 1 - Introduction to Business

Grade 10 Business Studies
by

Stephanie Seehaus

on 10 September 2014

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Transcript of Unit 1 - Introduction to Business

Unit 1 - The nature of business activity
Introduction
Input
We call them Factors
of Production. (FoPs)
– Land
– Labour
– Capital
– Enterprise
Outputs
We call them Goods
and Services. (G&S)

– Tables, chairs, iPods,
cars, jewellery, etc...

– Hotels, restaurants,
banks, sports clubs,
lawyers, etc...
Business functions
• LO1: Describe how
business activity
combines human,
physical, and financial
resources to create
goods and services.

• LO2: Explain the role of the different business departments in overall business activity.
needs and wants?
NEEDs:

WANTs:
LO: Identify inputs, outputs and process of a business
Human Resources
• The people.
• Responsible for:
– Identifying needs
– Recruitment
– Training
– Motivation
– Redundancy
Finance
• Responsible for:
– Monitoring the flow of finance (in & out)
– Providing financial information
• Key element, as no decisions should be made
without financial information
Marketing
• Responsible for:
– Market research
– Identifying consumer
wants (product)
– How much to charge
(pricing)
– How to sell it
(promotion)
– Where to sell it (place)
• What is a business?
• Business functions
– Production/operations
– Marketing
– Finance
– Human
Resources/personnel
• Business Sectors

Production
• Was “Production Function”
• Now “Ops Management”
• Ensures resources are
available for:
– Production
– Maintaining production
– Quality levels
– Productive efficiency
Business sectors
• LO: Explain the nature of
business activity in each
sector.
Primary Sector
• From the land
• E.g.: farming, fishing, mining, ...
Secondary sector
• Manufacturing
• Processing raw materials
• E.g.: computer, brewing,
baking, clothing,
construction, etc
Tertiary sector
• Services
• E.g.: retail, transport,
insurance, banking,
hospitality, tourism,
telecommunications,
etc
Full transcript