Nature of a Business

To make profit

An organised effort of individuals to produce and sell products for a profit that satisfy individuals' wants and needs.

Production management, marketing products, distributing goods and services

<p>Total revenue - total expenses</p> Signup and view all the answers

<p>Profit is essential for covering expenses and ensuring sustainability.</p> Signup and view all the answers

<p>Providing employment, innovation, entrepreneurship, wealth creation</p> Signup and view all the answers

<p>Wages are usually received on an hourly or daily basis, while salary is a fixed regular payment usually paid fortnightly or monthly.</p> Signup and view all the answers

<p>A fringe benefit is an extra benefit supplementing an employee's money wage or salary, such as a company car or private healthcare.</p> Signup and view all the answers

<p>Entrepreneurship is the ability and willingness to start, operate, and assume the risk of a business venture in the hope of making a profit.</p> Signup and view all the answers

<p>Innovation refers to the process of creating something new or significantly improving a product, service, or way of doing something.</p> Signup and view all the answers

<p>Choice allows consumers to select among alternatives, including brands, quality, price, color, size, and packaging.</p> Signup and view all the answers

<p>If a business generates profit, the profit becomes the property of the owners, who may be shareholders.</p> Signup and view all the answers