SOI: Understand that businesses operate within a system whose structure is influenced by (causality) external factors.

The supply and demand in a market is influenced by the amount of product is produced and if the customers are willing to buy it or not. These factors would cause either the supply curve to shift or the demand curve to shift. Usually when a curve shifts to the right, it means that it increased, but when it shifts to the left, it decreases. When the quantity demanded and quantity supplied is equal to the price, the equilibrium is reached in the market. The price usually depends on either of the curve shift, which would eventually cause a surplus or a shortage. If a surplus occurs, the price of the product would decrease to get more customers to buying the product, and if there is a shortage, the price of the product would increase.

Economic sectors can relate to each other by creating a chain of production. The chain of production is the process of a product, from raw materials to the final product. In the beginning, there is a primary sector, which is to collect and assemble all the raw materials needed for the product. The second part is the secondary sector, when the raw materials are put into use, to start creating the product. Finally, the tertiary sector is when the final product is already created and is being sent out to stores.

There are many companies that indirectly compete with another company. Indirect competition is when different companies, that does not sell the same products or goods, can satisfy the same customer’s needs or wants. An example is when a store sells burgers, and another store sells sandwiches. They are both different, but it can still satisfy the customer’s needs or wants since they are also similar, both contains bread and consists of some meat, or vegetable.

The different types of for-profit business organizations are the sole trader, partnership, public corporation, and private corporation. Non-profit organizations include government organizations or NGOs, which include advocacy NGO, operational NGO, and charities.

This topic relates to the SOI, understand that entrepreneurs must innovate in order to remain competitive over time (change), as it talks about different organizations that people would work at, but all of them have the same thing in common, and it is to innovate, to remain competitive. This would lead to more customers buying their products, and their business making progress and improving.

The global context, orientation in time and space, also relates to this topic, similar to the SOI, the types of businesses might be different, but they can all relate to one another. Most of them would eventually have their business growing, receiving opportunities, and expanding their businesses.

This topic helps me understand the SOI, understand that entrepreneurs must innovate in order to remain competitive over time (change), as it is relevant and related to how entrepreneurs would need to innovate an invention overtime, to fit the customer’s needs and wants. This made me understand more about how entrepreneurs can keep their business successful and prevent it from failing.

The global context, orientation in time and space, connects to this topic because it shows how the businesses would evolve by innovation, and receiving new opportunities that could improve and expand their company’s business. Changing perspectives and how the innovators see the world could help create better products for individuals from around the world.

In this topic, we did an assignment on creating Instagram posts of well-known entrepreneurs, to show their achievements and what they have been doing to stay successful. It helps me understand the SOI, ‘understand that entrepreneurs must innovate in order to remain competitive over time (change)’ better as it teaches me more about how entrepreneurs stay relevant in businesses, which is by improving products that fits the customers needs and wants. By learning this, I would understand more about what customers from around the world wants, how to improve a product, and what entrepreneurs do to stay competitive over time.

The global context, orientation in time and space, is relevant and fits in this topic because the entrepreneurs would need to view different perspectives to get an idea of how and what they can improve on in their products. This would make customers from around the world more likely to buy their products as it could be useful for themselves. The entrepreneurs would always respond to different opportunities that can help expand their business to keep it going and improving, this is a way of how businesses can evolve over time.