THE MANAGEMENT ENVIRONMENT

Question 1

WHAT IS A BUSINESS?

Answer 1

1) . A business can be defined as an activity that is performed for profit.
2) . A business may include different forms of trade such as, Commerce, Craftsmanship, Calling, Profession and other form of activities.

Question 2

WHAT IS THE DIFFERENCE BETWEEN CARRYING ON A BUSINESS AND A HOBBY.

Answer 2

1) . The difference between carrying on a business and a hobby is that ,a business expects to gain profit at the end of every activity, or service.
1. 1). For example ,a person who collects and sell stamps on a regular basis from a store is engaged in a business, while a casual collector who trade stamps occasionally with a friend is engaged in a hobby.

Question 3

1). EXPLAIN AND DISCUSS THE PROCESS OF
BUSINESS SECTORS

                    1. 1) PRIMARY; 
                    1. 2) SECONDARY; 
                    1. 3) TERTIARY;
                    1. 4)QUATENARY ;
                    1. 5)QUINARY SECTOR

Answer 3

1) Businesses are established in different types of sectors such as ,primary, secondary, tertiary, quaternary or quinary.

Question 4

1.1) THE PRIMARY SECTOR

Answer 4

• The primary sector is the sector that process natural resources into primary products.
• Products from this this sector are considered raw materials.
• The sector includes industries such as,

AGRICULTURE,AGRIBUSINESS,QUARRYING,FISHING,FORESTRY, and MINING.

Question 5

1.1.1) MANUFACTURING

Answer 5

• The manufacturing industry is also considered part of the primary sector , because it is involved in aggregating, packing , packaging, purifying and processing the the raw materials and makes them suitable for sell and transport.
• Therefore the primary sector is the largest sector in developing countries.

Question 6

1.2) THE SECONDARY SECTOR

Answer 6

-The secondary sector, creates finished usable
products.
- This sector takes the output of primary sector and manufactures finished goods that is suitable for use by other business ,for export and sale to domestic consumers.
-The sector is divided into LIGHT and HEAVY
industries.

Question 7

THE DIVISIONS OF SECTORES

Answer 7

HEAVY INDUSTRIES : LIGHT INDUSTRIES

aerospace manufacturing : brewing industry
automobile manufacturing :clothing industry
chemical industry :software engineering
electronics :telecommunications industry
engineering :tobacco industry
energy industries including;
the production of petroleum,
gas and electric power
industrial equipment
metalworking
steel industry

Question 8

1.3) THE TERTIARY SECTOR

Answer 8

-The tertiary sector, also known as the service sector is the most important sector in developed countries ,or economy.

• Services are defined in conventional economics as intangible goods.
• Economists believe that the service sector is wealth consuming ,while the manufacturing sector is wealth producing .
• They also contended that the economy declines as the wealth producing sector starts to shrink.
• The tertiary sector provides final finished goods ,such as , transportation, distribution of goods to businesses, and sales them to consumers, and also offer services such pest control and entertainment.
• The sector consists of soft parts of the economy ,such insurance ,government, tourism, banking ,retail and education .People use this sector as a platform to gain new skills and knowledge.

Question 9

1.4) THE QUATERNARY SECTOR AND THE QUINARY

SECTOR

Answer 9

The quaternary sector includes the intellectual service such as, research, development, and information. This includes the high technology industry with information and communication technology and forms of scientific research, as well as education and consulting
-The quinary encompass health, education, culture and research.