Business The occupation, work, or trade in which a person is engaged. Adam Smith (1723-1790). Regarded as the founder of economics, saw the field as! ^0 an inquiry into the nature and causes of the wealth of nations! +/-. Alfred Marshall (1842-1924) saw economics as being! ^0 a study of mankind in the ordinary business of life; it inquires how he gets his income and how he spends it! +/-.
Economic economics is that social science concerned with the way in which mankind allocates its scarce resources in order to satisfy its unlimited material wants. Business plays a number of important roles in our modern society. These roles can be summarized as follows In relation to the government it: – provides a source of revenue; – acts as a tax collection agent; – has a significant role in implementing government microeconomic, trade and wages policies; – provides goods and services to the government; In relation to the consumer it; – provides a range of goods and services; – informs the consumer of what is available in term of quality and quantity of goods and services; In relations to the worker it; – provides the worker with an income and career; – Provides an environment for workers to achieve personal growth and development. In relations to the owner it; – represents a means of accumulating wealth via profit; – Provides fulfillment of personal goals. In the relations to other businesses it; – provides competition and complements others businesses; – undertakes research and development through the impetus of competition; – Becomes a source of innovation. in the Australia Economic Make an extremely important contribution to the Australia Economic.
Contribution to Gross Domestic Product (GDP) Small business makes a large contribution to our GDP. The ABS survey revealed that in the December Quarter of 1991, private sector small business generated 51% of gross earning (income). This would indicate that over 50% of Australia GDP is being generated by small business. Further estimates reveal that the non-agricultural small business sector, on its own, accounted for about 30% of GDP. Contribution to employment Small business makes a large contribution to employment. About 95% of all business in Australia can be classified as small business, and these businesses employ just over 52% of all private sector workers (include the self employed).
profile Reference – Fearns Peter. (2001). Business studies. England: Transet Limited.
– Wessels Walter J. (2000). Economics. New York: Hauppauge. – Collier Barry. (1989).
Introducing Economics. Auckland: Jacaranda. Business The occupation, work, or trade in which a person is engaged. Adam Smith (1723-1790).
Regarded as the founder of economics, saw the field as! ^0 an inquiry into the nature and causes of the wealth of nations! +/-. Alfred Marshall (1842-1924) saw economics as being! ^0 a study of mankind in the ordinary business of life; it inquires how he gets his income and how he spends it! +/-. Economic economics is that social science concerned with the way in which mankind allocates its scarce resources in order to satisfy its unlimited material wants. Business plays a number of important roles in our modern society. These roles can be summarized as follows In relation to the government it: – provides a source of revenue; – acts as a tax collection agent; – has a significant role in implementing government microeconomic, trade and wages policies; – provides goods and services to the government; In relation to the consumer it; – provides a range of goods and services; – informs the consumer of what is available in term of quality and quantity of goods and services; In relations to the worker it; – provides the worker with an income and career; – Provides an environment for workers to achieve personal growth and development.
In relations to the owner it; – represents a means of accumulating wealth via profit; – Provides fulfillment of personal goals. In the relations to other businesses it; – provides competition and complements others businesses; – undertakes research and development through the impetus of competition; – Becomes a source of innovation. Small business in the Australia Economic Make an extremely important contribution to the Australia Economic. Contribution to Gross Domestic Product (GDP) Small business makes a large contribution to our GDP. The ABS survey revealed that in the December Quarter of 1991, private sector small business generated 51% of gross earning (income).
This would indicate that over 50% of Australia GDP is being generated by small business. Further estimates reveal that the non-agricultural small business sector, on its own, accounted for about 30% of GDP. Contribution to employment Small business makes a large contribution to employment. About 95% of all business in Australia can be classified as small business, and these businesses employ just over 52% of all private sector workers (include the self employed). profile Reference – Fearns Peter. (2001).
Business studies. England: Transet Limited. – Wessels Walter J. (2000).
Economics. New York: Hauppauge. – Collier Barry. (1989).
Introducing Economics. Auckland: Jacaranda.