Scribd
Upload
19 views

Snippet 1

This document discusses key concepts in business management. It covers: 1) Management as a science, which borrows from other disciplines to help businesses achieve goals and develops its own body of knowledge. 2) Scarce resources that must be managed, including natural resources, human resources, and capital. 3) Need-satisfying institutions like businesses, governments, and non-profits that provide profits, services, and support to communities. 4) Main economic systems - market economies are based on private organizations and competition, command economies are state-controlled, and socialism balances market and state approaches.

Uploaded by

Macco Marekwa
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
19 views

Snippet 1

This document discusses key concepts in business management. It covers: 1) Management as a science, which borrows from other disciplines to help businesses achieve goals and develops its own body of knowledge. 2) Scarce resources that must be managed, including natural resources, human resources, and capital. 3) Need-satisfying institutions like businesses, governments, and non-profits that provide profits, services, and support to communities. 4) Main economic systems - market economies are based on private organizations and competition, command economies are state-controlled, and socialism balances market and state approaches.

Uploaded by

Macco Marekwa
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 8

1

MAN101 SNIPPET I
2

BUSINESS WORLD AND BUSINESS MANAGEMENT

Chapter 1 discusses four important issues:

• Management as a science
• Scarce resources
• Need-satisfying institutions
• The main economic systems
3

MANAGEMENT AS A SCIENCE

1 A science must be a clearly identifiable subject


2 A science should be independent of other sciences
3 A science is a unified body of knowledge which includes systematised information on laws and principles which
are regularly tested in practice
4 A science should produce generally accepted theory
5 BM uses insights from other disciplines to assist business organisations to achieve their goals.
6 BM borrows concepts from other sciences and develops them as a BM body of knowledge.
7 BM borrows the concept of strategy from military science
4

MANAGING SCARCE RESOURCES

NATURAL
RESOURCES
W ater, forests, land

HUMAN RESOURCE
–
Labour, talent, skills

CAPITAL
-

Buildings, machinery, equipment and products

ENTREPRENEURSHI
P -

Individuals who are willing to take risks


5

NEED SATISFYING INSTITUTIONS

BUSINESS • Profits, products, salaries, support to communities


ORGANISATION

• Market-oriented economy with a high degree of state


GOVERNMENT
intervention. healthcare, education, justice, safety and
ORGANISATION
defence, and SOEs

NON-PROFIT Profit, sport clubs, cultural associations and welfare


ORGANISATIONS organisations
6

MAIN ECONOMIC SYSTEMS

• Products needed by communities are provided by private


– organisations
MARKET
• Based on property rights, right to ake a profit, meet
ECONOMY
demands of consumers, supports freedom of choice, allows
for competition with minimum state interference

• A system that is centrally directed, also known as


communism. The state owns and controls resources, no
COMMAND
property rights, central government decides what, where
ECONOMY
and how much should be produced, state decides what needs
of communities are, individual intiative is absent

It is a compromise between market and command


SOCIALISM economies. The state control strategic resources, the rest is
left to private initiatives. State interference could limit
creation of wealth
7

FOR DISCUSSION ON Q&A (CANVAS)

• Why is it important that Management is described as a science?


• Describe three types of scarce resources and discuss why is it important to manage it.
• Compare the contributions made by need satisfying organisations
• How do economic systems influence the way we manage scarce resources?
• Discuss the answers to these questions on Q&A on Canvas.
8

You might also like