Complete A Mindmap On The Importance Of Business To The

Complete a mindmap on the importance of business to the Australian economy. In workbook Discuss the main roles of business. The main role of a business is to produce goods and services to satisfy consumers demand in order to make a profit. Construct a series of flowcharts to show the interrelationship between producers and consumers. Explain how business has an economic and social importance in Australia. In your answer refer to innovation, quality of life, employment, incomes, entrepreneurship, choice, and wealth creation. Without entrepreneurship businesses that provide choice and create innovation as well as wealth creation would not exist. Businesses create employment for workers to earn incomes and purchase products that improve†¦show more content†¦Therefore we begin the recession or downswing phase of the business cycle leading to a depression which results in High unemployment and people not spending money that contributes to the expansion phase of the business cycle. People won t have jobs or money to spend leaving people without homes and little food. Expansion Boom Recession Depression GDP - Growing GDP -High GDP - Declining GDP - Low Consumer spending - Growing Consumer spending - High Consumer spending - Declining Consumer spending - Low Employment - Growing Employment - High Employment - Declining Employment - Low Unemployment - Declining Unemployment - Low Unemployment - Growing Unemployment - High Inflation - Growing Inflation - High Inflation - Declining Inflation - Low Investment - Growing Investment - High Investment - Declining Investment - Low Analyse the personal characteristics you believe are important for the operating of a business. In order to run a business you need to do the following: Do what you enjoy - If you enjoy what you re doing you will put in 100% effort to your business resulting in success and profit. If you don t enjoy what you do it will be shown in your lack of success. Take what you do seriously - If you take what you do seriously then you will believe in the goods and services you are providing and you will be effective and successful. Plan everything - Business planning is important because it requiresShow MoreRelatedstudy guide Essay5978 Words   |  24 Pagesï » ¿ UNIT OF STUDY GUIDE VICTORIA UNIVERSITY COLLEGE OF BUSINESS PROFESSIONAL DEVELOPMENT UNIT YEAR 2013 SEMESTER Two UNIT TITLE Professional Development 1 – Critical Thinking and Problem Solving UNIT CODE BFP1100 PRE-REQUISITES CREDIT POINTS 12 points MODE OF DELIVERY On-campus UNIT COORDINATORS NAME Raquel Licciardi EMAIL Raquel.Licciardi@vu.edu.au NAME Andrew Stein EMAIL Andrew.Stein@vu.edu.au SUNWAY LECTURERS: NAME Soon PeiRead MorePersonal Development10144 Words   |  41 Pagesresearch work was all about. †¢ As my friend is planning to move into business, I always wanted to help him with regards to his business after a few years of regular work and getting a start up capital for the business. The entrepreneurship module did give me a huge insight as to how a business plan is being made and gave me an idea how to start a business. Thus, the module did get me more interested in setting up my own business than just going a normal office work. †¢ My expectations of moreRead MoreAdvanced Professional Development21653 Words   |  87 Pagessystems in a professional manner. The Study Pack is comprised mainly of models for evaluating methods to improve personal skills, and to audit, plan and develop your own approach to management. They do not represent things that you have to do to complete the Unit, but avenues of self-development that you should consider when evaluating your own strengths and weaknesses and formulating a development plan. There are two assignments: The first asks you to explore and evaluate methods that couldRead MoreThe Mind of a Marketing Manager26114 Words   |  105 PagesThinking: The mind of a marketing genius Thinking: The mind of a marketing genius * Where are the best opportunities for your business today? How do you stand out in crowded markets? How do you deliver the best solutions for customers, and the best returns to shareholders? * Where should you focus amidst this complexity? What is your competitive advantage? Which markets, brands, products and customers should you prioritize in order to maximize value creation?