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Higher Business Management
Course Outline and Assessment
Course Content
3 units:• Business in Contemporary Society
– BICS– Internal Organisation– Information and ICT– Decision Making
• Marketing & Operations• Finance & Human Resource
Management
Assessment
• 3 Internal Assessments (60 minutes each)
• Final Exam 2 ½ hours– 100 marks – Section 1 – Case study– Section 2 – 2 from 5 questions (50 compulsory, 50 elective)
Business in Contemporary Society
Role of Business in society
Mr Heaney
What is a Business
• Business is concerned with meeting needs and wants of people and groups in society.
• An organisation set up to achieve objectives.
• May not have “profit” as an objective
• The output of business activity is the goods and services we want.
Needs and Wants
• What is the difference?
• Needs – Essential for us to stay alive – Water, Food, Shelter, Heat, Clothing
• Wants – Luxury items to make life more comfortable
Consumers buy these goods and services
Business sees these
wantsBusiness produces goods and services
Consumers have wants
The business cycle
Wealth Creation
• Businesses pay our wages and allows us to buy goods and services.
• The higher the number of businesses in a country the wealthier the citizens are.
• The wealth of a country is measured by how many goods and services it provides (GDP - Gross Domestic Product)
Goods and Services
• Output of business activity
• Good – Tangible, Durable and Non-durable
• Service – Intangible – cannot touch the service
Factors of Production
• Businesses use the Factors of Production in order to satisfy a customers needs and wants.
• LAND• LABOUR• CAPITAL• ENTERPRISE
Land
All the natural resources which the land provides for us:
Farmland – crops, animals
Buildings – land needed for housing, businesses
Water
Coal-mining to provide heat
oil/gas-refineries
Labour
• Accountants• Bank Managers• Teacher
Assembly workers, eg a car production
line A baker – mixing of ingredients to make bread and cakes
Labour is physical and mental effort.
People who use mental effort include:
People who use physical effort include:
Capital
– To purchase a business, buildings and equipment
– To buy tools needed for the job
– To buy raw materials to make the products
Capital includes the things that can be purchased with money to make and sell goods and services.
EnterpriseEnterprise means having anidea for a new business andtaking risks with the otherfactors of production tomake the business a success:
• The land• The labour• The capital
Task – 15 mins
• Think of 5 Scottish Entrepreneurs. Use the internet to help if you are stuck.
• Write a short piece about each explaining how they made their money and how they used the factors of production.
• We will share the information around the class
Sectors of Industry
PRIMARY SECTOR
• oil• fishing• forestry• agriculture• quarrying• mining
This is the first stage of the production process where raw materials and natural resources are farmed or extracted from the land or sea.
SECONDARY SECTORDeals with manufacturing goods – turning the raw materials into finished products
• car manufacturers• engineering• shipbuilding• “white goods” manufacturers (including
fridges, freezers, dishwashers etc)• housebuilding
TERTIARY SECTOR
Offers services rather than goods
• insurance• banking• education• hairdressing• tourism & leisure• armed forces