business management

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must reply with minimum 100 word response to TWO other students in your cohort for
each unit. 1. This response should be addressed to Sherri Boyd Why studying business is important because, a business that have knowledge about how to run or operate will help everyone to understand how the world of business works. Having information or knowledge about the product can be helpful regardless of what field you are in. Understanding how a business work benefits everyone involved. Everyone performs better and stays focused when they do something they like. Studying business can “develop skills and acquire knowledge to prepare for the future” (Ferrell, Hirt, Ferrell, 2009).

Economics impact business as far as employment, interest rates, inflation and stock market activity. Economic resources are the products we use to produce and distribute goods and services. Human Resources, this is human labor, Human labor is needed to help produce resources into products or to apply resources to provide services. Natural resources has created “many business opportunities in for landowners” (Seip, 2013). Without natural resources there would be no drinking water, food shortage, and no fuel from petroleum. “When governments lack resources, they cannot make the rules nor create an incentive structure for companies to behave appropriately” (George, Schillebeecky, and Teng 2015). Financial resources are very important part of future. Without financial resources is like a world without economics or money.

For several years I worked as an account at a Healthcare facility. There I had to verifying, and reconciling complex financial transactions, statements, records, and reports; maintains the accuracy of the company and subsidiary financial systems. This position gave me a lot of knowledge that I could use for my own home expenses. It took me several years to realize how important it is to save money plus balance money. After my children went off to college accounting came in handy again, I helped them get a breakdown on just how expensive college is and budget of how much money they will occur in a years’ time by applying for extra scholarship and grants 2.This should be addressed to Veronica White Studying business is important because it equips one with skills to plan, organize and control business activities. The knowledge and expertise gained from studying business help one to gain better insights on the market, demand patterns and therefore design a product that meets the needs and demands and customers (Ferrell, Hirt & Ferrell, 2016). A person with knowledge of business can effectively analyze the market and make appropriate business decisions. For instance, if the market presents growth opportunities, one can expand their product line. Studying business is also crucial because it equips one with business skills which can be used to starting their own business themselves. (Ferrell, Hirt & Ferrell, 2016). The individual, therefore, becomes self-employed. In addition to that, studying business equips one with financial skills hence a person with these skills can run their own business without hiring another person to perform all accounting functions, thereby managing business costs.

Economics, natural resources, human resources, and financial resources are impacted in business through the business processes. Economics involve the distribution of resources which will be used in the production process and is therefore impacted by how goods and services are produced in a social system. Natural and human resources are factors of production, and they are used in the production of goods and services (Frakt & Piper, 2014). They are therefore impacted by their rewards which include rent and wages. Financial resources comprise of sums of money which are used in the purchase of resources which are required for the production process. They include the amount of money that firms pay to households for the sale of resources. All these factors are therefore impacted by the final business processes; that is in the final products and services (Gross Domestic Product) and all the direct and indirect costs involved in the production of goods and services.

I worked in banking for years, and the knowledge I gained from it has helped me tremendously. Managing your finance is very important, and some young people sometimes fell to realize how important it is. Many finance institutions have started to check your credit score just to open a checking account. IN managing your finance will teach you how to let your money work for you.

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