Complete A Mindmap On The Importance Of Business To The

1258 WordsFeb 13, 20176 Pages
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. Expansion Boom Recession Depression 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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