How business responds to the needs and wants in the community and be responsible the society?

Mind Map by carrietsai, updated more than 1 year ago
Created by carrietsai over 6 years ago


Mind Map on How business responds to the needs and wants in the community and be responsible the society?, created by carrietsai on 11/04/2013.

Resource summary

How business responds to the needs and wants in the community and be responsible the society?
1 What is Business?
1.1 A decision-making organization involved in the process of using inputs to produce goods and/or services.
2 Needs and Wants
2.1 Businesses respond to the conditions of the marketplace
2.2 Needs
2.2.1 Something that you can't live without Food Air
2.3 Wants
2.3.1 Something that you desire iPhone Luxury
3 Chain of Production
3.1 Classification of 4 sectors
3.1.1 Primary Sector Raw materials
3.1.2 Secondary Sector Generate raw materials to manufacture products
3.1.3 Tertiary Sector Transportation and Service
3.1.4 Quaternary Sector Advertisment
4 Industry Assiocation
4.1 Industry
4.1.1 Firms that give out similar products or services
4.2 Assiocation
4.2.1 Industries that shares common interest
4.3 Advantages
4.3.1 Share and trade information
4.3.2 Having connection with other companies
5 Starting a buisness
5.1 Purpose
5.2 Challenences
5.3 Business Sectors
5.4 Key to sucessed
6 Ownership
6.1 Sole Partnership
6.1.1 owned by a single person
6.1.2 Commonly use in business
6.2 Partnership
6.2.1 2 or more owner
6.2.2 increase person liability
6.3 Coporation
6.3.1 Private Limited Company
6.3.2 Public Limited Company
7 Ecomonics
7.1 Surplus
7.1.1 Quantity demanded < Quantity supplied
7.2 Shortage
7.2.1 Quantity demanded > Quantity supplied
7.3 Demand
7.3.1 amount of products or service that buyers could buy
7.3.2 Law of demand = any factors constant
7.4 Supply
7.4.1 Law of supply = any factors constant
7.4.2 Price increase = supply increase
7.5 Equilibrium point
7.5.1 The demand and supply curve intersect Quantity demanded level of demand at a certain price Quantity supplied Level of supply at a certain price
7.6 Ecomonic Shock
7.6.1 Supply curve to shift Environmental Issues Cost of inputs
7.6.2 Demand curve to shift Market Size Consumer income
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