1 Answer | Add Yours
Business system is a combination of commerce , occupations and organizations that result in the production and distribution of goods and services that people want.
Business as a commerce is the process that people produce, exchange and trade goods and services to fulfill their wants and needs. Business commerce involves the trade of products to create profit through the use of its productive resources .Owners/managers are the enterprise of the business, while the people are the labor and the capital buys materials and machinery.
Business as an occupation is the acquired set of specialized skills and abilities that allows people to create valuable goods and services . People realized that specialization can make them wealthy so they developed and gained skills to become expert in particular tasks which helped them become more productive. Increasing specialization and division of labor lead to greater productivity and rising profitability across occupations and business commerce. This lead to an increase in the standard of living and well being of the labor.
Business as an organization is the system of task and authority relationship that coordinates and controls the interactions between people so that they work toward a common goal. Business organization facilitates between business commerce and occupation. A greater number and variety of profitable business activities become possible when business organizations are formed to control the production and exchange of goods and services. That's why the three are interconnected.
We’ve answered 318,989 questions. We can answer yours, too.Ask a question