MGT211 Short Notes Lectures 1-17 by Rizwan Hussain Malik

MGT211 Short Notes 2022 Updated · Compile By Rizwan Hussain Malik · Download PDF File From Our Website · Note: · This channel is not responsible for any solved content. · Lecture # 1 · Business DEFINITION :

The simple meaning of business is to providing goods & services to your customers to earn Money.

Characteristics of Business

Business refers to a set of organized activities for production and exchange of goods and services with an objective to earn profit. Every business has some Characteristics some common characteristics are as follow:

1. Planned / Command Economy
2. Free Market / Capitalist Economy

Planned / Command

Economy

A command or planned economy is a mode of economic is which resources are control by the Government and Peoples are use these resource to produce goods and services. The government determines the economy's output of goods and services.

Free Market / Capitalist Economy

Free Market/Capitalist Economy is a mode of economy in which resources are in the hand of the general public. And the people determine the production & supply of the goods and services.

Business Environment

Business Environment means the surrounding of business. Commonly, it has following two types as below:

1. External Environment (External Factor)
2. Internal Environment (Internal Factor)

External Environment

External factors are the factors which are found outside the organization. These factors are not controllable by the organization.

These factors includes:

Technological Factors Political Factors Legal Factors Socio Cultural Factors

Internal Environment

Internal factors are the factors within the organization that affect the performance of business. Which includes Strength Weakness

Lecture # 4 · OVERVIEW · 1. Business Organization · Sole Proprietorship · Partnership · Joint Stock Company · Co-operative Societies · Combination

BUSINESS ORGANIZATION

Business organization is an act of grouping activities into effective cooperation to obtain the objective of the business. The major Business organization are as follow:

Sole Proprietorship

A business own & control by one person.

Advantage

Easy Formation Unlimited Liability Single Tax Transfer of Business Easy Dissolution

Disadvantage · Difficult to Raise Capital (Single) · Limited Life of Business