Scribd
Upload
59 views

What Is A Business?: Introduction To Business Fundamentals

This document provides an introduction to the definition of business. It outlines two definitions: 1) A business is the organized effort of individuals to produce and provide goods and services to meet societal needs. 2) A business is an institution that seeks profits by endeavoring to satisfy community needs within a free-market economic system. Key elements of a business include its organization, goals, ownership, size, structure, and responsibility for producing and providing goods and services to fulfill societal requirements.

Uploaded by

Deon Dombas
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
59 views

What Is A Business?: Introduction To Business Fundamentals

This document provides an introduction to the definition of business. It outlines two definitions: 1) A business is the organized effort of individuals to produce and provide goods and services to meet societal needs. 2) A business is an institution that seeks profits by endeavoring to satisfy community needs within a free-market economic system. Key elements of a business include its organization, goals, ownership, size, structure, and responsibility for producing and providing goods and services to fulfill societal requirements.

Uploaded by

Deon Dombas
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

Introduction to Business

Fundamentals
Sydney B. Dunn
Room: 2.24

What is a Business?

Lecture Notes 2

Definition 1:
A business is the organized
effort of individuals to produce
and provide goods and
services in order to meet the
needs of society [1].
Lecture Notes 2

1
Definition 2:
A business is defined as an
institution of the capitalists (in
a free-market economic
system), which in seeking
profits endeavours to satisfy
the community’s multiple
needs [2]. Lecture Notes 2

What is a business? continued


Key words:
• Organized effort of individuals =
organization / Institution
• Produce = production, manufacturing
• Goods and Services = products
• Needs of Society / community
• Environment = Macro, micro, market
environment, economic system

Lecture Notes 2

What is a business? continued


Organization:
• An organization refers to the way in which
people are grouped and the way in which they
operate to carry out the activities of the
business (strategy)
The key elements of the organization are:
• goals of the business and the way they are
formulated,
• ownership and control,
• size,
• structure and organizational culture [1]
Lecture Notes 2

2
So simply put:

A business is an organization or
institution which operate in some
environment (whether free-market
or not) and is responsible for the
production or manufacturing and
provision of goods and services
in an attempt to meet the needs of
society
Lecture Notes 2

To summarize:

A business is:
• an organization or institution
• operates in some environment
• is responsible for production
or manufacturing and
provision of goods and services
• meets the needs of society
Lecture Notes 2

You might also like