Buisness

What is a business

A buisness is an organised effort of individulals, to produce and sell for a profit, the products that satisfy the individuals needs and wants

The roles and importance of buisness

1. Entrepreneurship - Buisness provides the opportunity for individuals with ideas to develop them and gain rewards

2. Innovation - Buisness provides the incentive and the resources needed to maintain continuous R&D programs.

3. Employment - Buisness roadies almost 80% of the opportunities for employment in Australia

4. Provider of good and services - Buisness combines labour and other resources to produce goods and services beyond the ability of most individuals to produce

5. Choice - Through competition and trade, consumers have access to a wide range of goods and services

6. Quality of life - Buisness enables the production of an enormous range of goods and services that improve our standard of living

7. Wealth creation - Buisness provides an avenue for investment and the potential to make a profit

8. Source of government revenue - Buisness provides the government with revenue from taxation

Innovation

-In order to maintain a competitive edge over other buisnesses it must be constantly seeking ideas or new products, product modifications or different market for existing products