🌸Define what a business organization is by filling blanks of the following. (Hint – these
are the key words group of people, profit maximization, goods and services, human
needs and wants)

A business organization is a………A........................ working together to satisfy
………………B……………… by producing ………C……………….. with a common
the objective of …………D………………………………...

Answer

A  - group of people
B - human needs and wants
C - goods and services
D -  profit maximization

🌸Being aimed towards a goal or toward completion of a task is known as a goal-directed
behaviour. Identify 5 goals of an organization.

Answer

a. increase customer satisfaction by offering multichannel customer support.
b.keeping software up to date by applying security patches.
c.improve the productivity
d.increase the profit
e.connect with more customers

🌸  Productive Resources

Land
capital
labour
entrepreneurship

🌸Distinguish between the following and provide examples.

🌱Needs –  Needs are the basic requirements of a human being, like food, cloth, shelter etc. humans cannot survive lace of those requirements. education and health care are the extended part of needs in this modern world.

according to marketing language, human needs are a state of felt deprivation. It is the basic underlying of marketing.

Different people have different needs some of them are as follows

physical needs- Food, cloth, house, safety etc.
personal needs- self-expression, discuss feeling etc.
Social needs- love, affection etc.
Ego needs: status, recognition and self-esteem

🌱Wants – Wants are the satisfiers of needs. Specific products have the ability to satisfying specific wants.
Wants are a form of needs and which are greatly dependent on human needs. Wants are unlimited. Customers want high value and satisfaction for money.

For example, you need to write, for this, your choice will be the best pen. For write is your needs but the best brand of the pen is your wants.

🌱Goods –A GOOD is an object people want that they can touch or hold. Examples: Goods are items you buy, such as food, clothing, toys, furniture, and toothpaste. Goods are tangible objects that satisfy people's wants.

🌱Services - A SERVICE is an action that a person does for someone else. Services are actions such as haircuts, medical check-ups, mail delivery, car repair, and teaching. Services are actions, such as haircuts and car repair, which also satisfy people's wants.

A key point to emphasize to young children is that goods and services must be produced - they don't appear magically on store shelves. Similarly, they are produced using scarce productive resources (natural, human, and capital); thus, the goods and services themselves are considered scarce.

🌸 What is the basic Economic problem?

 Wants > Resources

🌸What are the rewards and challenges of being a manager?

Challenges

• Effective Communication With Your Employees
• Shifting Your Mindset Along With Your New Role
• Pressure To Perform As A New Manager
• Shifting From Coworker To Boss
• Managing Your Time
• Setting Clear Goals And Expectations
• Encouraging Productivity
• Hiring For Your Team
• Firing An Employee
• Asking For Help

🌸 Underline the most suitable answer.

🌷 What two factors contribute to scarcity?

a. Unlimited resources and limited wants

b. Unlimited wants and limited resources

c. Unlimited resources and wants
d. Limited resources and wants

🌷 An example of a non-scarce good is

a. Shark meat

b. Air

c. Chicken meat
d. Gadgets

🌸 Read the below statements and identify the most suitable type of business.

• High autonomy in decision making and sole control of the organization 

• Type of business that can have 2-20 members and has unlimited liability.

• Business and the owner are identified as two separate personals in front of the law.

• Maximum 50 shareholders and should consist of at least one director, no shares can be publicly traded

• No limit to the maximum number of shareholders and should consist of at least two directors and can offer shares for sale to the general public

• Business dissolves when a partner dies or the expiration of the specified time period.

• Have a Perpetual life