The focus of this e-commerce application is on the consumer’s use of a merchant’s web storefront or website. Menu "top-menu" not defined. E-commerce reduces the time between the outlay of capital and the receipt of products and services. E-commerce is the use of electronic communication and digital information processing technology in business transactions to create, transform and redefine relationships for value creation between or among organisations and individuals. NOTES nmims Global Access - school for continuing education 4 BUSINESS ECONOMICS After completing this chapter, you will be able to: > Define the meaning of economics > Discuss the concept of business economics > Identify the differences between economics and business economics Business-to-consumer transaction in E-commerce Introduction Business-to-consumer is the interface where consumers access a merchant’s web site for the purpose of buying merchandise or requesting service. Ability for creation highly specialized business. Download PDF Notes. Free Educational Notes, Video Lectures and Study Material. Introduction to e-Business. So the buyer and the seller don’t meet personally. People make decision Business transactions occur Accountants prepare reports to show the results of business operations FIG 1: THE ACCOUNTING SYSTEM Source: Liorngren, Harrison and Robinson, Financial and Management Accounting, Prentice Hall, New Jersey, 1994. 5. Business Environment Notes Introduction Environment literally means the surroundings, external objects, influences or circumstances under which someone or something exists. Administration Administration can be defined as the process of organizing resources efficiently to accomplish a goal. E-commerce decreases the cost of creating, processing, distributing, storing, and retrieving paper based information. Business laws is the body of law which governs business and commerce and is often considered to be a branch of civil law and deals both with issues of private law and public … 3. Physics Notes 58; Urdu,Islamiat,Pak Studies Notes 4; 5th & 6th & 7th & 8th Notes 1; 9th & 10th Class Notes 76. 1.7 Business models of e-commerce: There are mainly 4 types of business models based on transaction party. Introduction to Business Administration Lesson 1 1. E-business or Online business means business transactions that take place online with the help of the internet. accounting system operates in business and how the flow of information occurs. Free Educational Notes, Video Lectures and Study Material. 1.1 Concept of Administration Provides the foundation for management in many different industries. Usually, B2C E … The environment of any organization is "the aggregate of all conditions, events and influences that surround and affect it." 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