The Role of :pen: Business (Employment and Incomes :silhouette: ( (), , , …
The Role of :pen: Business
Importance of business to Australian Economy :champagne:
pays taxes to government
Research & development into new products,(improved products).
improves quality of life
Produces ranges of products.
Entrepreneurship & Risk :warning:
Entrepreneurs take risks to make a profit
they have to get out of their comfort zone
their reputation is always on the line
People who transform their ideas into a business. Though to start and support your own business, you have to put your career, personal finances, and mental health at stake.
The nature of a business :red_flag:
A group of individuals with an effort to sell goods and/or services to generate profit
give people the choice To satisfy peoples needs and wants
Small Medium Enterprises :fire:
engine room for australian economy
small and medium-sized businesses are businesses whose personnel numbers fall below certain limits.
Small enterprises outnumber large companies by a wide margin and also employ many more people.
small businesses have between 5 and 19 employees
medium businesses have between 20 and 199 employees
Other functions of a business :pencil2:
research and development
Businesses contribute to local economies by bringing growth and innovation to the community in which the business is established.
Wealth Creation :explode:
the more that is produced the more wealth is generated within the australian economy
Help drive the economy forward to reach greater levels of economy growth and wealth.
research and development leads to the creation of new products to sell the australian market
Production = wealth, The 'Engine room' of society helps drives the economy forward achieving greater levels of growth and wealth in the economic.
Quality of Life
Refers to the overall wellbeing of an individual, and is a combination of both material/ non-material benefits.
Businesses produce a vast range of innovated products that satisfy our needs and wants which results in a higher standard of living. (improved quality of life)
Employment and Incomes :silhouette: