Complete A Mindmap On The Importance Of Business To The

Decent Essays

Complete a mindmap on the importance of business to the Australian economy.
In workbook
Discuss the main roles of business.
The main role of a business is to produce goods and services to satisfy consumers demand in order to make a profit.
Construct a series of flowcharts to show the interrelationship between producers and consumers.

Explain how business has an economic and social importance in Australia. In your answer refer to innovation, quality of life, employment, incomes, entrepreneurship, choice, and wealth creation.
Without entrepreneurship businesses that provide choice and create innovation as well as wealth creation would not exist. Businesses create employment for workers to earn incomes and purchase products that improve …show more content…

Therefore we begin the recession or downswing phase of the business cycle leading to a depression which results in High unemployment and people not spending money that contributes to the expansion phase of the business cycle. People won 't have jobs or money to spend leaving people without homes and little food.

GDP - Growing
GDP -High
GDP - Declining
GDP - Low
Consumer spending - Growing
Consumer spending - High
Consumer spending - Declining
Consumer spending - Low
Employment - Growing
Employment - High
Employment - Declining
Employment - Low
Unemployment - Declining
Unemployment - Low
Unemployment - Growing
Unemployment - High
Inflation - Growing
Inflation - High
Inflation - Declining
Inflation - Low
Investment - Growing
Investment - High
Investment - Declining
Investment - Low

Analyse the personal characteristics you believe are important for the operating of a business.
In order to run a business you need to do the following:
Do what you enjoy - If you enjoy what you 're doing you will put in 100% effort to your business resulting in success and profit. If you don 't enjoy what you do it will be shown in your lack of success.
Take what you do seriously - If you take what you do seriously then you will believe in the goods and services you are providing and you will be effective and successful.
Plan everything - Business planning is important because it requires

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