Lecture 2 Modern meaning of business

 Tendency of disintegration (competition)  Tendency of integration (need to collaborate for common income)  Businessman work for himself and same time work for society (private for public)  Businessman cant work for society without working for himself

 Entrepreneurs  Consumers  Employee  Government officials

 Work by themselves  Work by own property (capital)  Work for own risk  Work for own responsibility  Can be individual and collective

 Manufacturing  Commerce  Commercial Mediation Define manufacturers, commercial agents and mediators in tourism industry // hospitality

 Consumers and customers // buyers?  Consumers needs?  Consumers demand? Factors of demand  Marketing?  Property for consuming goods and services

 Work for owner of manufacture (capital)  They are owner of own labor force. Give labor in rent?  Work for salary (wages)  Work without any risk and responsibility

Business bases on property Property for capital Property for consuming goods and services Property for labor force

 Government can have own property and run business  Government can be a big consumer  Government can regulate business (by law, taxes, credits, investments and so on)

 Law – is mandatory rules set by Government  Law regulates business as a part of social life  Law and morality?  Pyramid of law  Civil law  Crime law  Business law  International business (trade) law

Using internet identify - Illegal kinds of business in Thailand - Some violation of law in Thai business - Illegal kinds of business in Thai tourism and hospitality

 Developed market: supply is higher than demand, competition is high  Sectors of market: - Market of means for manufacturing - Consumers market - Labor force market - Market of information - Market of services - IP market - Financial market