BUSINESS AND ITS ENVIRONMENT

May be defined as all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.

• Commerce

• Profit

• Industry

• Business

Refer to the rewards for business persons who take the risks involved in producing and marketing goods and services.

• Commerce     

• Profit

• Industry

• Business

Business firms, which engaged in buying and selling of goods and services, are classified as commerce.

• Commerce     

• Profit

• Industry

• Business

Businesses in which are mainly engaged in production.  

• Commerce     

• Profit

• Industry

• Business

Classification of industry that are those involved in agriculture, forestry and fish culture.

• Extractive

• Construction

• Manufacturing

• Genetic

Classification of industry that are those involved in extraction of goods from natural resources, which include mining, lumbering, hunting and fishing.

• Extractive

• Construction

• Manufacturing

• Genetic

Classification of industry that are those involved in converting raw materials into finished products.

• Extractive

• Construction

• Manufacturing

• Genetic

Classification of industry that are those engaged in building infrastructures like airports, seaports, dams and highways.

• Extractive

• Construction

• Manufacturing

• Genetic

These services are in a way procured through recruitment and hiring by the human resource specialists of business firms

• Direct Element

• Indirect Element

• Customer

• Labor supply

Refers to important and vital part of the existence of the business firm

• Direct Element

• Indirect Element

• Customer

• Labor supply