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What is a business?
An organized effort of individuals to produce and sell for a profit products that satisfy individual needs and wants.
Entrepreneurship
Business provides the opportunity for individuals with ideas to develop them and gain rewards.
Innovation in business
Business provides the incentive and resources needed to maintain continuous R&D programs.
Employment and business
Business provides almost 80% of the opportunities for employment in Australia.
Provider of goods and services
Business combines labor and other resources to produce goods and services beyond the ability of most individuals.
Choice through competition
Consumers have access to a wide range of goods and services through competition and trade.
Quality of life impact of business
Business enables the production of goods and services that improve our standard of living.
Wealth creation
Business provides an avenue for investment and the potential to make a profit.
Source of government revenue
Business provides the government with revenue from taxation.
Continuous innovation in business
To maintain a competitive edge, businesses must constantly seek ideas, new products, modifications, or different markets.
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