|Assignment ID Number||AFFGEHU83939HD|
|Type of Document||Essay|
Automobile manufacturers and automobile parts is the Automobile Industry
A business is usually defined as a commercial enterprise
Some are run by only one person who carry out all of the required functions
Others employ thousands of people and provide goods and services to people all over the world
Each business can be defined or described by its type of ownership, the goods produced or services offered,
the types of jobs provided, or the functions
it performs in a community
Businesses are started by entrepreneurs who see a need, recognize the opportunity, and go into business to meet that need
Business and people need each other – there are many stakeholders – we depend on businesses for products and services, but also for employment
Buy inputs – raw materials, labour, machinery and equipment, and land
Produce outputs – goods and services
Focus on efficient use of resources
Who are the stakeholders? – Anyone who has an interest in the success of a business
Costs – Fixed and Variable
A group of businesses that all produce similar products is called an industry
Example: Automobile manufacturers and automobile parts is the Automobile Industry
Separated into three categories – primary, secondary, and tertiary
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