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BUSINESS MANAGMENT
Dr.Yousaf Khlil
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What is Business?
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What is Business?
What is Business?
Definitions of Business
- A commerce
- An occupation
- An organization
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What is Business?
Definitions of Business
Business as a commerce is the process that people
produce, exchange and trade goods and services
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What is Business?
Definitions of Business
Business as an occupation is the acquired set of
specialized skills and abilities that allows people to
create valuable goods and services
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What is Business?
Definitions of Business
Business as an organization is the system of task and
authority relationship that coordinates and controls the
interactions between people so that they work toward
a common goal
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What is Business?
Definitions of Business
Business as a system is a combination of business
commerce, occupations, and organizations that
produces and distributes the goods and services that
create value for people in a society
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What is Business?
Factors of Production
Regardless of meaning there are four crucial
ingredients or productive factors or resources of land,
labor, capital and enterprise that are needed to profit
from business
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What is Business?
Factors of Production
These four productive factors or resources of land,
labor, capital and enterprise that are needed to profit
from business and are limited in supply (scarcity)
What is Business?
What is Business?
What is Business?
What is Business?
What is Business?
What is Business?
What is Business?
Law of Demand
Reflects the usefulness or utility from that product
What is Business?
Law of Supply
Sellers are more willing to supply a product as the
price increases and less willing to supply as the price
decreases
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What is Business?
What is Business?
What is Business?
What is Business?
What is Business?
What is Business?
What is Business?
What is Business?
What is Business?