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Summary BUSINESS ECONOMICS PAPER 3

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Introduction Nowadays, it’s really hard to think what business to establish because it seems that everything is being already offered in the market by different entrepreneurs. Though it’s hard to think of what business to introduce, the group realized that creating a business is not about creating a new product but it can also be offering services in order to satisfy the needs and wants of every customers. The Filipinos are keen when it comes to cleanliness. Almost every day households do particular routines of cleaning up in order to avoid diseases brought by dirt. The laundry shop business has a very bright potential. Every year it is getting harder to get a “labandera”. Besides this, more and more households now have both husband and wife going to work. Many working wives now turn over this chore to a laundry shop. College students too often would rather outsource their laundry whenever they could afford it. Due to becoming preoccupied with work and home chores, washing of clothes become a burden to many. In addition, Laundry services offer a number of benefits including the following: Saves Plenty of Time, Specialized Services, Proper Hygiene and Cost Effective. Review on Related Literature A. Related Literature Laundry is the washing of clothing and linens. Laundry processes are often done in a business, room or area in a home or apartment building, reserved for that purpose; this is referred to as a laundry room. The material that is being washed, or has been laundered is also generally referred to as laundry. Laundry was first done in watercourses, letting the water carry away the materials which could cause stains and smells. Laundry is still done this way in some less industrialized areas and rural regions. Agitation helps remove the dirt, so the laundry is often rubbed, twisted, or slapped against flat rocks. Wooden bats or clubs could be used to help with beating the dirt out. These were often called washing beetles or bats and could be used by the waterside on a rock (a beetling-stone), on a block (battling-block), or on a board. They were once common across Europe and were also used by settlers in North America. Similar techniques have also been identified in Japan.When no watercourses were available, laundry was done in water-tight vats or vessels. Sometimes large metal cauldrons were filled with fresh water and heated over a fire; boiling water was even more effective than cold in removing dirt. Wooden or stone scrubbing surfaces set up near a water supply or portable washboards, including factory-made corrugated metal ones, gradually replaced rocks as a surface for loosening soil. Before the advent of the washing machine, apart from watercourses, laundry was also done in communal or public washhouses (also called wash-houses or wash houses), especially in rural areas in Europe or the Mediterranean Basin. Water was channeled from a river or spring and fed into a building or outbuilding built specifically for laundry purposes and often containing two basins - one for washing and the other for rinsing - through which the watLevel of Knowledge: Basic Knowledge Objective: To familiarize the basic concepts and theories of economics, elementary statistics and mathematics. PART A: ECONOMICS (70 MARKS) 1. Nature and Scope of Economics – Economics : Definition, Nature and Scope; Micro and Macro Economics; Positive and Normative Economics; Central Problems of an Economy; Production Possibility Curve and Opportunity Cost; Working of Economic Systems (Capitalistic Economy, Socialistic Economy, Mixed Economy); Economic Cycles; Inflation and Recession 2. Theory of Demand and Supply – Utility Analysis - Total Utility and Marginal Utility; Law of Diminishing Marginal Utility; Law of Equi- Marginal Utility; Consumers’ Equilibrium; Law of Demand & Elasticity of Demand; Law of Supply & Elasticity of Supply; Demand and Supply Equilibrium; Theory of Consumer’s Behaviour – Marshallian Approach and Indifference Curve Approach 3. Theory of Production, Costs and Revenue – Meaning of Factors of Production; Returns to Factor and Returns to Scale; Cost Concepts and Cost Curves; Revenue Concepts and Revenue Curves; Producers’ Equilibrium 4. Forms of Markets and its Equilibrium – Forms of Markets - Meaning and Characteristics – Price and Output Determination - Equilibrium for Firm and Industry under – Perfect Competition – Monopoly – Monopolistic Competition 5. Money and Banking – Concept of Money - Its Functions; Quantity Theory of Money; Credit Creation – Central Bank (Reserve Bank of India) - Role and Functions – Commercial Banks - Role and Functions – Monetary Policy in India 6. Basic Characteristics of Indian Economy – Development Initiatives through Five Year Plans v – Agriculture – Causes of Low Productivity – Farm Size Productivity Debate – Land Reforms: Meaning, Importance and Evaluation – Green Revolution and Its Effects – Globalisation and Indian Agriculture – Industry – Development Policies and Experience – Industrial Policy Resolutions – New Industrial Policy 1991 7. Selected Areas of Indian Economy – Population - Its Size, Rate of Growth and Its Implication for Growth – Poverty - Absolute and Relative Poverty and Main Programs for Poverty Alleviation – Unemployment - Types, Causes and Incidence of Unemployment – Infrastructure - Energy, Transportation, Communication, Health and Education PART B: ELEMENTARY STATISTICS (30 MARKS) 8. Statistics: An Overview – Definition and Functions of Statistic; Statistical Techniques Commonly used in Business Activities; Law of Statistics; Limitations of Statistics 9. Collection and Presentation of Statistical Data – Primary and Secondary Data; Classification and Tabulation of Data; Frequency Distribution of Data; Diagrams and Graphs 10. Measures of Central Tendency – Mean – Median – Mode – Standard Deviation 11. Mathematics of Finance – Simple Interest – Compound Interest – Present Value & Future Value of an Annuity vi 12. Probability – Sample Spaces, Events and Probability – Set Theory: Union, Intersection, and Complement of Events – Conditional Probability, Intersection, and Expected Value – Random Variable, Probability Distribution, and Expectation 13. Index Numbers and Time Series Analysis – Familiarization with the Concepts Relating to Index Numbers and Time Series (Simple Numericaler was constantly flowing, as well as a stone lip inclined towards the water against which the washers could beat the clothes.

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Voorbeeld van de inhoud

BUSINESS ADMINISTRATION

THE PROBLEM AND ITS SCOPE



Introduction


Nowadays, it’s really hard to think what business to establish because it seems that

everything is being already offered in the market by different entrepreneurs. Though it’s hard to

think of what business to introduce, the group realized that creating a business is not about

creating a new product but it can also be offering services in order to satisfy the needs and wants of

every customers.



The Filipinos are keen when it comes to cleanliness. Almost every day households do

particular routines of cleaning up in order to avoid diseases brought by dirt. The laundry shop

business has a very bright potential. Every year it is getting harder to get a “labandera”. Besides

this, more and more households now have both husband and wife going to work. Many working

wives now turn over this chore to a laundry shop. College students too often would rather

outsource their laundry whenever they could afford it. Due to becoming preoccupied with work

and home chores, washing of clothes become a burden to many.



In addition, Laundry services offer a number of benefits including the following: Saves

Plenty of Time, Specialized Services, Proper Hygiene and Cost Effective.

, Review on Related Literature


A. Related Literature


Laundry is the washing of clothing and linens. Laundry processes are often done in a

business, room or area in a home or apartment building, reserved for that purpose; this is referred

to as a laundry room. The material that is being washed, or has been laundered is also generally

referred to as laundry.


Laundry was first done in watercourses, letting the water carry away the materials which

could cause stains and smells. Laundry is still done this way in some less industrialized areas and

rural regions. Agitation helps remove the dirt, so the laundry is often rubbed, twisted, or slapped

against flat rocks. Wooden bats or clubs could be used to help with beating the dirt out. These were

often called washing beetles or bats and could be used by the waterside on a rock (a beetling-

stone), on a block (battling-block), or on a board. They were once common across Europe and were

also used by settlers in North America. Similar techniques have also been identified in Japan.When

no watercourses were available, laundry was done in water-tight vats or vessels. Sometimes large

metal cauldrons were filled with fresh water and heated over a fire; boiling water was even more

effective than cold in removing dirt.

Wooden or stone scrubbing surfaces set up near a water supply or portable washboards,

including factory-made corrugated metal ones, gradually replaced rocks as a surface for loosening

soil.

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