Introduction
Hello, my name is Yong Xin and I am a student from Fairview International School, Subang, Malaysia. This website is created to complete my assessment of the subject Business Studies, and the topic I am focusing on is 'Production and Consumption'. We have learned this topic previously and now, in this assessment, we were asked to explain it to anyone, such as our family or friends. So, the person I have chosen is my brother, Yong Jie. The reason why I picked him is because he never did have an opportunity to study business. He is now a college student of Sunway College Malaysia, studying Mechanical Engineering. I do think that he needs to know some knowledge about business because it might help him in the future when he steps into his career life.
Production and Consumption are two very significant process in a business cycle. These two processes are where product (or services) is made, and obtained by the consumers. Both of these activities involve two sides of people --the suppliers and the consumers. In today's world, both production and consumption happen everyday in our lives and they have never stopped since many years ago.
Production and Consumption are two very significant process in a business cycle. These two processes are where product (or services) is made, and obtained by the consumers. Both of these activities involve two sides of people --the suppliers and the consumers. In today's world, both production and consumption happen everyday in our lives and they have never stopped since many years ago.
Area of Interaction (AOI): Environment
The Area of Interaction that fits this assessment is Environment. This AOI is about the issues, changes, influences, impacts and many more that happen in our surrounding. The issues can be anything, as long as it is related and will bring effect to our environment. This assessment aims to create awareness among ourselves about the connection between production and consumption, and how the factors cooperate each other, bringing advantages, disadvantages and other impacts to our daily lives. We will be able to develop our understanding, and think deeper about the importance and concepts, and how political, economic and social issues will affect our environment. Besides, after acquiring the knowledge and theory, we will have to link them with real-life situation, to gain skills and involve ourselves in the contribution to our environment. Eventually, we will learn how to accept our responsibilities towards the environments by showing action, and reflect on what we have done.
Significant Concept
*The significant concept of this assessment is not stated on our task sheet.
Unit Question: How does a System Produced?
This depends on the type of product of services that a business produces, and the method of production it uses. With the considerations of the factors --Land, Labour, Capital and Enterprise, production can be go on well as planned.
5 Sub-Questions
- What is Production?
- Why should a business choose an appropriate method of production?
- Why do consumers buy?
- How supply, demand and price relate to each other?
- How globalisation affects poverty?