MNB1501 Business Management 1 (MNB1501)

MNB1501 STUDY SUMMARY NOTES FOR 2022. Exchange – products & services for money or other goods/services o Profit – reward for meeting people’s needs • Countries have different economies o Market economy – business can decide what to produce, how to produce & selling price. Business’ primary purpose:  Make profit while satisfying needs of the people. • Industry – group of businesses performing similar activities, e.g. mining, financial services, construction etc. • B...

MNB1501 Exam Prep For Distinction 2022. The business world and business management The most important characteristic of the business world in countries that adopt a market economy is 1. That the business involves human activities 2. That the businesses produce predominantly tangible products such as bread, cars and houses 3. That individuals themselves decide what to produce, how to produce and what to price to sell the product 4. That the rationing of products occurs and prices of prod...

CHAPTER 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT In a market economy, products and services must meet needs of people in exchange for a profit. Four different elements: human activities, production, exchange, profit. Production: transformation of resources into products and services. Market economy: Individuals decide what to produce, how to produce it and at what price to sell their product. Formal sector: large businesses. Informal sector: SME and SMMES. Society’s limited resource...

Study Unit 1: The Business W orld and Business Management The role of business in society  Transformation of resources into goods and services society needs  Business cannot operate without society  Needs and values of society influence what business does. i.e. protecting the environment  Organisations influence behavior patterns of people in a particular society by developing new products. I.e. Impact of cell phones, tablets etc. on social life.  Success of business has ...

MNB1501 Introduction to business management Study Unit 1 – The business world and business management A business in a market economy employs limited resources of a nation (natural, human, financial, entrepreneurship) to satisfy the needs for products and services. The business world is a complex system which involves transforming these resources into products and services. A business is very closely linked to the society in which it operates – needs and values of the society have a str...

MNB1501 STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT primary task of business management:  Determine how an enterprise can achieve the highest possible output with the least possible input, or  An examination of factors methods and principles that enable a business to efficiently and productively maximize profits Needs order  Self-Realisation  Esteem Needs  Social Needs  Security Needs  Physiological needs Overlap Physical and Psychological needs m...

Business Management Notes (MNB1501) Study Unit 1: The Business World and Business Management The role of business in society • Transformation of resources into goods and services society needs. • Business cannot operate without society. • Needs and values of society influence what business does? - Protecting the environment. • Organizations influence behaviour patterns of people in a particular society by developing new products. - Impact of cell phones & tablets on social life....

MNB1501 - Study Notes & Summary. The Business World and Business Management The role of business in society • Transformation of resources into goods and services society needs. • Business cannot operate without society. • Needs and values of society influence what business does? - Protecting the environment. • Organizations influence behaviour patterns of people in a particular society by developing new products. - Impact of cell phones & tablets on social life. • Success of ...

MNB1501 - Exams - 2011 - 2017 MNB1501 - Exams - 2011 - 2017