Topic 1 - Business Environment -

What is business ? 

Business is an activity that includes sellers and buyers to buy or sells something using money.Business is also organization that provides goods or services to earn profits. In business,sometimes must occur profit or loss.Profit is the money a business makes after accounting for all the expenses. However,loss is the money that a business makes after accounting for all the expenses is more than revenue and that is called loss.Revenue actually is a money that whatever money received from selling all the product . 

There are 4 factors in business,supply,demand,global threat and uncertainty Supply is how much things of I can give people . Demand is how much things you can buy from me . Global threat is a global development of change in a situation that effects many countries of the world. Uncertainty is state of knowledge in which one or more alternatives result in a set of possible specific outcomes. 

There are two types of business , external and internal environment . The external environment is everything outside an organization's boundaries that might affect it . External environment involves domestic,global business environment,technology environment and private environment . On the other hand, internal environment is involves business management .

Economic indicator is where the operation to supply and demand in the particular areas . Standard leaving is the total quality and quantity of product & services can purchase by individual . Business cycle is the pattern of expension . Aggregate output is the amount of product that can produce or the purpose of quantity of goods and services.  

Types of economy ecosystem are plan economy,market economy,mixed economy and private economy. Degrees of competition is separate to five it is monopolistic,oligopoly,monopoly,natural monopoly and perfect competition. Example of monopolistic is coffee.Example of oligopoly is petrol station.Example of monopoly is Telekom National Berhad and it is only one producer. Example of perfect competition is maggi mee  it is highly demanded in business. 

Gross Domestic Product (GDP) is  how much things I can produce from my company . Gross National Product (GNP) is how much the country can produce and total value of the product in a country . Nominal GDP is the value of a current price. Purchasing power parity is the price that is converted .