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Lecture notes Business Management (Cbma) Introduction to Business Management
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Varsity College BCOM Year 1 Business Management 1A LU 10
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Varsity College BCOM Year 1 Business Management 1A LU 8
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Chapter 1: The Business Worldand Business Management
• Introduction
• The role of business in society
• Needs and need satisfaction
• The main economic systems
• The need-satisfying institutions of the market
economy
• The nature of business management
• Classifying the study material of business
management
• Summary
,Introduction
• Business world can be seen as a complex
system
• Involves transforming resources into
products and services.
• Products and Services must meet the needs
of people in exchange for profit
, The role of business in society
• This description of a business emphasises
four different elements:
o Business involves human activities
o Business involves production
o Business involves exchange
o Business involves profit.
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