Business Management Jacaranda Units 1 & 2 Vce

JACARANDA KEY CONCEPTS IN VCE BUSINESS MANAGEMENT UNITS 1 & 2 | FIFTH EDITION MATT RICHARDSON GRAEME SMITHIES VLAD DUMOVIC STEPHEN CHAPMAN REVIEWED BY SIMON PHELAN Fifth edition published 2019 by John Wiley & Sons Australia, Ltd 42 McDougall Street, Milton, Qld 4064 Fourth edition published 2017 Third edition published 2015 Second edition published 2011 First edition published 2010 Typeset in 11/14 pt Times Ltd Std © Steve Chapman, 2010, 2011, 2015, 2017, 2019 The moral rights of the authors have been asserted. ISBN: 978-0-7303-5768-1 Reproduction and communication for educational purposes The Australian Copyright Act 1968 (the Act) allows a maximum of one chapter or 10% of the pages of this work, whichever is the greater, to be reproduced and/or communicated by any educational institution for its educational purposes provided that the educational institution (or the body that administers it) has given a remuneration notice to Copyright Agency Limited (CAL). Reproduction and communication for other purposes Except as permitted under the Act (for example, a fair dealing for the purposes of study, research, criticism or review), no part of this book may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means without prior written permission. All inquiries should be made to the publisher. Trademarks Jacaranda, the JacPLUS logo, the learnON, assessON and studyON logos, Wiley and the Wiley logo, and any related trade dress are trademarks or registered trademarks of John Wiley & Sons Inc. and/or its affiliates in the United States, Australia and in other countries, and may not be used without written permission. All other trademarks are the property of their respective owners. Cover images: © Mark Boardman; © MPFphotography/Shutterstock Illustrated by diacriTech and Wiley Composition Services Typeset in India by diacriTech Printed in Singapore by C.O.S. Printers Pte Ltd All activities have been written with the safety of both teacher and student in mind. Some, however, involve physical activity or the use of equipment or tools. All due care should be taken when performing such activities. Neither the publisher nor the authors can accept responsibility for any injury that may be sustained when completing activities described in this textbook. 10 9 8 7 6 5 4 3 2 1 CONTENTS How to use this resource ....................................................................................................................................................................................... vi About eBookPLUS and studyON ....................................................................................................................................................................... viii About the authors .................................................................................................................................................................................................... ix Acknowledgements ................................................................................................................................................................................................. xi UNIT 1 PLANNING A BUSINESS 1 1 The business idea 3 1.1 Overview ....................................................................................................................................................................................... 1.2 BACKGROUND KNOWLEDGE Introduction to business ....................................................................................... 3 5 1.3 Identifying business opportunities ..............................................