How do needs and wants create opportunities for business? What is business? What are the five functions of a business and why are they essential to running any business? How can ch... How do needs and wants create opportunities for business? What is business? What are the five functions of a business and why are they essential to running any business? How can changes in Canada’s economy affect businesses? What factors affect the level of income? How is a business related to society? Why take social responsibility seriously?
Understand the Problem
The question encompasses a comprehensive overview of various business concepts, including the roles of needs and wants in business opportunities, the definition of business, essential functions, factors of production, business ownership models, and the impact of economic changes. The user seems to be looking for an overall understanding of how these elements interact within the context of business and society.
Answer
Needs and wants drive business opportunities by creating demand. Business involves producing and selling goods/services. Essential functions: production, marketing, finance, HR, management. Economic changes in Canada affect business decisions.
Needs and wants create opportunities by driving demand. Business is the structured effort of individuals to produce and sell goods and services that satisfy societal needs. The five essential functions are production, marketing, finance, human resources, and management. Changes in Canada's economy impact business operations and decision-making.
Answer for screen readers
Needs and wants create opportunities by driving demand. Business is the structured effort of individuals to produce and sell goods and services that satisfy societal needs. The five essential functions are production, marketing, finance, human resources, and management. Changes in Canada's economy impact business operations and decision-making.
More Information
A business is structured to meet demands through various functions. Economic factors like inflation or unemployment can affect profitability and operations. Social responsibility is crucial for community trust and sustainability.
Sources
- Chapter 3 – Economics and Business – Fundamentals of Business - pressbooks.bccampus.ca
- The Importance of Small Business to the Canadian Economy - pressbooks.nscc.ca
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