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Supply

Investopedia defines supply as, &amp;ldquo;A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.&amp;rdquo; If only two Robbie dolls exist in 30 stores that sell them, the doll has a limited availability for consumers to purchase. On the other hand, if the dolls can be bought on every street corner in town, then an ample supply of dolls exist for the consumer to purchase.

Demand

Demand defines the willingness of consumers to purchase a particular good or service. If a Robbie doll came to market and only a few consumers purchased it, the doll has very little demand. But, if the doll came to market and every store had people waiting in line to buy it, the doll has high demand.
Allan Tony copyright. Not allowed unlessed refrenced. Copyright 2016.

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Advantages and disadvantages of owning businesses - Kai

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Advantages and disadvantages of owning businesses - Kai

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Advantages:
Make profits
Flexible hours
Job security

Disadvantages:
no profits if the business isnt making money
work long hours
you have to pay if the business cant pay
your reliable for the business
you must organise everything

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The distribution process is distributing the finished products to businesses whose purpose is to supply goods and services to the customers. The supply chain involves a number of different businesses whose purpose is to transport, distribute, wholesale and retail these goods and services and get them to consumers.
The six steps of the supply chain are
1. Plan
2. Develop
3. Make
4. Deliver
5. Distribution
5. Sell
These can vary depending on different sources.

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Combining resources to make prodcuts - Jackson

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Combining resources to make prodcuts - Jackson

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The combination of resources to make products starts at the extraction of raw materials, these are the inputs. The next stage is the production stage, this is where the production processes take place to process, manufacture and fabricate.

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Transport - Kai (Adv & Dis Adv) Jackson (Features)

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Transport - Kai (Adv & Dis Adv) Jackson (Features)

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Air
Air transport is the fastest way of transporting goods over a long distance

Advantages: Travelling by air is faster and can get you further.

Disadvantages: Travelling by air is very costly and handled more than once.

Road
Some firms have their own delivery trucks, some use an outside carrier that can be contracted to pick up goods and deliver them

Advantages: Travelling on the road is reliable. This can also be cheaper.

Disadvantages: This form of transportation can be slower.

Water
Goods can be transported by boat, barge or large ships along lakes, rivers, coastal areas and overseas

Advantages: Can ship more things. The goods can travel further.  Cheap form of transportation.

Disadvantages: Your goods may fall over board.  This form is very slow.

Rail
Bulk wagons carry grain and coal, flat op cars carry machinery, containers that hold up goods, perishables may be transported by refrigerated containers. Rail is most appropriately for transporting goods over medium to long distances.

Advantages: Can Transport bigger loads at a faster pace. Cost efficient.

Disadvantages: Cannot connect everyhwere

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The Production Process

Inputs:
-Resources + Raw Materials + other goods + Services

Production:
-Manufacture the resources, fabricate, manufacture and produce.

Outputs:
-Goods + Services but wastage
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Resources - Jackson

Land - All natural resources available for production (Soil, minerals, bodies of water, climate, atmosphere, fish)

Labour - Physical + Mental work done by people to produce goods and services

Capital - Funds to purchase goods, tools, machinery, equipment technologies, buildings, vehicles, used to help produce goods + Services

Enterprise - The ability to recognise an unsatisfied want and having the skills to combine the land, labour + capital to produce something to satisfy a want.

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In business ownership there is seven types of business ownership they are:

Sole trader - One owner that has employees. They get all of the profit but suffer from losses. They make all decisions and Regulations
Partner ship - Two to twenty owners. They have unlimited liability, they share the decision making, they share the losses and profits and it is a equal cost to start the business
Companies - Public and Private companies. Public are listed on the stock exchange and anyone can buy shares. Private two to fifty (limited stock exchange).
Trusts - One person manages property and other assests on behalf of other people. Tax benefits and costly complex to set up.
Co - ops - Groups of people working towards a common goal. Owned and controlled by the members who are the main users.
Franchises - A business that have purchased the right - Operate under a brand name of a well known business example. Zarrafahs Coffee.
Government Business Ownership - Australian Citizens share the ownership

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Industries in the Australian Economy - Fletcher

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Industries in the Australian Economy - Fletcher

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An industry is a clustering business that share one or more of a common product, a common process and a common service.

Industries/Businesses in the Australian economy are Primary, Secondary, Tertiary and Quaternary.

Primary Industries include:
- Farming
-Fishing
-Mining

Secondary Industries include:
-Manufacturing
-Production of materials

Tertiary Industries Include:
-Education
-Retail
-Hospitality
-Transportation

Quaternary industries include:
-Media
-Communications
-Technology

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Business and Non Profit Organisation - Fletcher

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Business and Non Profit Organisation - Fletcher

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Profit Organisations

Profit organisations earn profit for the business owners benefit. They supply goods and services to sell in a market where there is demand. For example, Coles and KFC.
Non-profit organisations.

Non-profit organisations provide social good for all members of the community. These organisations bring people together to work towards a common goal. For example, meals on wheels and The Salvation Army.

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On this site we will be providing you with necessary information on what businesses are and different aspects of businesses. The things that we will be covering on this blog will be the differences between Businesses and Non-Profit Organisations, industries in the Australian Economy, forms of business ownership's, advantages and disadvantages of the different forms of business ownership, production process, process, resources, combining resources to make products, transport, the distribution process and supply and demand