Introduction to Business

Over the year people have become more and more dependent on others. We can’t produce all we need to live in this society. Once people exchange the surplus goods that they have after their own consumption. This is called Barter System. It is the direct exchange of one goods for another without using anything as money or as a medium of exchange. Barter is a type of trade where goods or services are exchanged for a certain amount of other goods or services; no money is involved in the transaction. Business is the exchange of goods, services or money forth mutual benefit or profit. He who has skills and ability or specialization in specific job will produce or serve or involve in that task. As the shortage of resources and as they are not distributed equally all over the world, people will go across the border for international business.

The human element is the core of business. Business needs people as owners, managers, employees, and consumers. People need business for the production of goods and services and the creation of jobs. Whether business is transacted in Bangladesh, USA, Japan or Ghana does not matter. Owners: People, who own a business as well as those who invest money in one, do so because they expect to earn profit. Managers & Employees: The person responsible for operating the business may be the owner or a professional manager employed by the owner. An owner-manager is also called an entrepreneur. Employees supply the skills and abilities needed to provide a product or service and to earn a profit. Most employees expect to receive an reasonable wage or salary and to be given regular increases in the amount they are paid for the use of their skills and abilities.

Business Objective: Survival: Survival objective is an obvious objective. Other objectives can be accomplished only if the business enterprise survives. Growth: Growth is an objective because business does not stand still. Market share increase, personal and individual development and increase productivity are important growth objectives. Social Responsibilities: In recent years, meeting social responsibilities has been recognized as important objectives. Businesses, like each person in society, must accept their responsibilities in areas such as pollution control, eliminating discriminatory practices and energy conservation. Profit: The profit objective plays the major role in business. Business Profit: The difference between business income and business expenses.

This course will expose you to business terminology, concepts, and current business practices. We will help you establish a viable business vocabulary, foster critical and analytical thinking, and refine your business decision-making skills. You will acquire these skills by the reading materials, exercises, and research assignments that simulate today’s workplace. By delving into the five units of this course, you will fine tune your direction and choice of career in business. Since your education should help you contribute and compete in the global business environment, we will also focus on multicultural aspects of markets and business. We will examine how the business models other countries adopt often reflect their most salient characteristics.


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