Preliminary Topic 1: Nature of Business
Students learn about:
R________ of business
• the nature of a b____________
– p_________________ goods and s_______________
– p____________, e________________, incomes, c_______________, innovation,
e________________________ and risk, w_______________ and quality of life
t____________ of businesses
• c____________________ of business
– s_____________ – small to m______________ enterprises (SMEs), l____________
– l___________, national, g______________
– industry – p______________, s_______________, t______________,
q________________, q__________________
– legal structure – s________ trader, p________________, private c____________,
p______________ company, government e_______________
• f_____________ influencing choice of legal s_________________
– size, o_____________, finance
i________________ in the business environment
• e_____________ influences – economic, f______________, geographic,
s_____________, legal, p______________, institutional, t_______________,
c_______________ s_________________, markets
• internal influences – p_____________, location, r_____________, management and
business c___________
• s___________________
b_______________ growth and d_____________
• stages of the business life cycle
– e_________________
– g______________
– m___________________
– post-m___________________
• responding to c_________________ at each stage of the business l_________ cycle
• factors that can contribute to business d______________
• v________________ and involuntary c______________ – l__________________