nature of bussiness.docx - 1.2 The nature of a business There is one thing people have in common — they all have needs and wants They need food to eat

nature of bussiness.docx - 1.2 The nature of a business...

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1.2 The nature of a business There is one thing people have in common — they all have needs and wants. They need food to eat, clothes to wear and houses to live in. Most of us also want DVD players, iPods, mobile phones and cars — if only for the pleasure they give to us. To satisfy these never-ending wants is the role of business. A business can be defi ned as the organised effort of individuals to produce and sell, for a profi t, the products (goods and services) that satisfy individuals’ needs and wants. To satisfy the needs and wants of its customers, the business has to produce the products the customers demand. By producing these products for sale on the market, the business hopes to achieve a number of goals. Making a profi t is perhaps the most basic of these. FIGURE 1.5 Do you have oniomania? That means you are what might be referred to as a shopaholic or compulsive shopper. Some people are ‘born to shop’ it seems. Australians usually
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