Tag: The Nature of Business

CSEC Study Guide 1

In this study guide series, you will be given a PDF file which will contain concise revisions on different topics in different subjects. You can choose whether or not to download the particular study guide based on the summary provided in the body of the post here. All the subjects below are in one file…...

Terms and Concepts related to Business

An economy is defined as a place or a country where resources are managed by a government to bring about maximum benefits for the entire society. Caribbean countries are characterized as developing economies. Developing economies are described as those with their average income earned, rate of literacy and health services lower than industrialized/developed nations.  They…...

Instruments of Exchange

The problems of the barter system created the need for a medium that could be used to facilitate trade. Money solved the problems of the barter system. Money is anything that is acceptable for the purchase of goods and services. Presently it is in the form of notes and coins.  Early forms of money included…...

Reasons Businesses are Established

Starting a business is a lot of hard work. Therefore persons who decide to start a business must be ready to dedicate a lot of time and energy to its start-up. It is also very costly and therefore capital will have to be identified to inject into a new business. Reasons for starting a Business:…...

Forms of Business Organizations

 An organization is a system that groups people together towards establishing a common goal. Business organizations are centered on creating goods and services for profit. There are several types of business organizations that one can start. Forms of Business Organizations: Sole Trader Partnership Private Limited Liability companies Public limited Liability Companies Multinationals Franchise Conglomerates Cooperatives…...

Economic Systems

Every economy is faced with a fundamental economic problem. In every economy, whether rich or poor, there are limited resources and unlimited wants i.e., the resources of a country are not enough to satisfy the wants of all its citizens. Since the resources of a country is limited and wants unlimited, choices will have to…...

Stakeholders and their Role in Business Activities

Business owners must be aware of the various groups that they interact with for the successful running of the business. Owners A business may be owned by a single individual (a sole trader), partners or by a group of shareholders forming a company. Role of Owners They must provide the resources that are required for…...

Functions of a Business

The functions of a business are: 1. To produce high quality goods and services that will satisfy needs and wants. Entrepreneurs enter business to make profits. They must be very keen in identifying those goods and services that will create high demand make profits. 2.To create employment Business will need all categories of workers to…...

Role of a Business within a Community

Corporate citizen is the term used to describe the responsibilities that businesses have within their environment. As a good corporate citizen business must strive to have a good relationship with their community. Good corporate citizenship includes: -Support for the community through community projects, sports and youth clubs. -Being environmentally aware by reducing pollution -Providing job…...