Business Studies Chapter 1

Business enviroments

Collective Goods

Goods or services that benefit every individual belonging to some group, and where it is hard to exclude any individual from that benefit.

Private entrepreneurs

are individuals who own and operate businesses in the private sector, seeking profit through the provision of goods or services.

Formal sector

Refers to the part of the economy that is regulated, taxed, and monitored by government authorities, including businesses that adhere to labor laws and taxation policies. This sector typically includes registered businesses and employees who receive formal wages.

Informal sector

The part of the economy that operates outside of government regulation, taxation, and oversight, typically involving self-employed individuals or unregistered businesses providing goods and services.

GDP

Gross domestic product. It measures the total economic output of a country, representing the value of all finished goods and services produced within its borders in a specified time period.

Quaternary

sector. It encompasses knowledge-based services involving research, development, and technological innovation aimed at future growth and advancement in various industries.

Business

A specific process that adds value to an economic society and country

Productivity

The measure of the efficiency of production, typically expressed as the ratio of output to input over a certain period.

Efficiency

The ability to produce maximum output with minimum input or waste, thereby maximizing productivity.

Vision

indicates long term dream of a business

Feasible

An idea that is considered workable. It implies that a plan can be realistically implemented and is achievable within the available resources and constraints.

tertiary

sector of the economy that provides services rather than goods, including retail, entertainment, and healthcare.

Government officials

individuals elected or appointed to manage public policies and government functions at various levels.

Mission

A statement that defines an organization's purpose, values, and goals, guiding its strategic decision-making and operations.

Quinary

sector of the economy focused on high-level decision making and specialized services, including healthcare, education, and scientific research. these decisions have a big impact on society.

survival

the ability of an organization to continue its operations and remain viable in a competitive environment.

Collectables

items valued for their rarity, condition, or historical significance, often sought after by collectors.

Kruger Rands

gold bullion coins minted in South Africa, commonly used as an investment and recognized worldwide.