Business

What is Business

A business is any thing that has an aim of getting profit, it can also be defined as anything that participates in the market.

Elements of Business

Revenue

Profit

Revenue is the total value of your company. Revenue = Profit + Cost

Profit is the money a company makes after paying the cost.
Revenue - Cost = Profit

Cost

Cost is the cost of the making of your product.
Revenue - Profit = Cost

Customers

Demand

Supply

The units in the company available to the customers.

The popularity of the product or service in the market

Society

The income of a business depends on the preferences of the customers, an example can be that if you live in a green community and produce plastic, you might go bankrupt

Ethics

Is when you act with integrity

In the case of business, it is when you don't cheat anyone in your company or any other company. This can make people prefer your products over others. So they are sure they won't face any troubles.

Stakeholders

Managers

Owners

Workers/Employees

Customers

Company Departments

Departments

Marketing

Human Resource

Finance

Research and Development

Operation

Supply Chain

Pros and Cons

Cons

Pros

It can sell products that are helpful to the society or the environment

It can take over lots of space that other people need

It can sell products that are harmful to the people or environment

It can have a bad effect on the environment

Child labour

Can fund poor people with money for support purposes

Provide jobs to people who really need them

Helps in technological advancements