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MNB1501 Summary for Exam Prep
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MNB151 SUMMARY, Table of Contents
Introduction ........................................................................................................................................... 7
Role of business in society .................................................................................................................... 7
Needs and needs satisfaction ............................................................................................................... 9
Multiplicity of human needs ............................................................................................................. 9
Society limited resources.................................................................................................................. 9
Natural Resources ......................................................................................................................... 9
Huan resources .............................................................................................................................. 9
Capital........................................................................................................................................... 10
Entrepreneurship ........................................................................................................................ 10
Needs satisfaction cycle .................................................................................................................. 10
The main economic systems........................................................................................................... 10
Market economy .......................................................................................................................... 10
Command economy ..................................................................................................................... 10
Socialism ...................................................................................................................................... 11
Mixed economy ............................................................................................................................ 11
The state and economic systems .................................................................................................... 11
Need-satisfying institutions of market economy .......................................................................... 11
Business organisation ................................................................................................................. 11
Government organisations ......................................................................................................... 11
Non-Profit .................................................................................................................................... 12
The nature of business management ............................................................................................. 12
Purpose and task of business management .............................................................................. 12
Purpose ........................................................................................................................................ 12
Task of business management ................................................................................................... 12
The renaissance of entrepreneurship................................................................................................ 12
Entrepreneurship in South Africa ...................................................................................................... 12
Role of entrepreneurs and small business owners........................................................................... 13
Achievement motivation................................................................................................................. 13
Internal locust of control ................................................................................................................ 13
Innovation and creativity ............................................................................................................... 14
Risk-taking ....................................................................................................................................... 14
Entrepreneurs skills and industry experience .................................................................................. 14
Outsourcing.......................................................................................................................................... 14
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