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CONCEPT OF BUSINESS
Wednesday, 8 June 2011
(D). To the suppliers of input
To t
he suppliers of input:
(i) Prompt payment.
(ii) No undue decrimination among suppliers.
(iii) No harassment.
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3) Innovations
4) Fast Means of Communication and Transport
5) Provision of Credit by Banks
6) Insurance
7) Employment
8) Source of Revenue
9) Urbanization
BUSINESS RISK & CAUSES OF BUSINESS RISK
1) Natural Factor
2) Change in Government Policy
3) Use of Modern Techniques of Production
PROBLEMS BEFORE ESTABLISHING A NEW BUSINESS
1) Selection of Business
2) Provision of Capital
3) Location
4) Fulfillment of Legal Requirements
MAIN SOCIAL RESPONSIBILITIES OF BUSINESS TO SOCIETY
(A). Obligations to itself
(B). To the share holders:
(C). To the employees
(D). To the suppliers of input
(E). To the customers
(F). To the government
(G). To the neighbourhood
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