The Purpose And Nature Of Business Activity:
Gbogbo ọrọ náà
Every business, from a roadside stall to a global airline, exists for one reason: people have endless wants but the world has only limited resources. That single tension, scarcity, forces choices, and every choice carries a hidden cost. Understanding this is the foundation of the whole course.
In this lesson you will meet the ideas that underpin all of business studies: needs and wants, scarcity and opportunity cost, the power of specialisation, and the purpose of business activity itself. You will also learn what added value is, why it is the lifeblood of every business, and the practical ways a firm can increase it.
Ebumnobi
- Concepts of needs, wants, scarcity and opportunity cost
- Importance of specialisation
- Purpose of business activity
- The concept of adding value and how added value can be increased
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Nnyocha Ọmụmụ
Ekele diri gi maka imecha ihe karịrị na The Purpose And Nature Of Business Activity:. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.
Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.
Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.
- Which of the following is a need rather than a want? A. a smartphone B. clean drinking water C. a holiday D. designer trainers Answer: B
- A firm sells a product for $90. Bought-in materials cost $35. The added value is: A. $35 B. $55 C. $90 D. $125 Answer: B
- Opportunity cost is best defined as: A. the money a business spends in total B. the next best alternative given up C. the cost of raw materials D. the profit a business makes Answer: B
- Which is a disadvantage of the division of labour? A. workers become more skilled B. training is cheaper C. work can become boring and repetitive D. less time is wasted moving between tasks Answer: C
- A business can increase added value by: A. raising material costs B. lowering the selling price C. reducing material costs while keeping the price the same D. employing more managers Answer: C
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The Nature of Business
How do businesses and not-for-profit organizations help create our standard of living?
"Introduction to Business: The Nature of Business" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/introduction-business/pages/1-1-the-nature-of-business. Access for free at https://openstax.org/books/introduction-business/pages/1-introduction
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