Business Organizations

What is The Truth & Lending Act?

Act is an act design to protect consumers against unfair

practices of people who extend credit to a purchase of goods
on installment basis.

Purpose of this law is to protect the consumer through contact.

What is Business?
any lawful economic activity which is concerned with making
goods available as well as the rendering of useful services to
those who want them.
Kinds of Business
1.Commerce business firms which are engaged in the buying and selling of
goods & services.
2.Industry industries are those which are mainly concerned with production.
Industry may be further classified into the following:
.a. Genetic industry are those involved in agriculture, forestry, and fish
culture
b. Extractive industry are involved in the extraction of goods from
natural resources which include mining, lumbering, hunting & fishing.
.
Kinds of Business
c.Manufacturing industries are those which convert raw materials into
finished goods or products. Ex: shoes industry.
d.Construction Industries consists of firms engaged in building
infrastructures like airports, seaports, dams and highways.
e.Services service business is one that sells service to buyer. Service firms
may be classified as:
.Recreation movie houses, theme parks
.Personal parlor, spa
.Finance banks
Objectives of Business

A business firm is established primarily for profit. At

times however, profits were sacrificed to attain non-
economic goals like:
Prestige & Popularity
Family Control
Social Consciousness