Parts of Business
Profit, non-profit and for-profit social enterprise
What are three possible business profit structures?
An economic system where most businesses are owned and operated by individuals
What is capitalism?
Price at which buyers are willing to buy exactly the amount sellers are willing to sell
What is Equilibrium?
the study of production, distribution, and consumption of goods and services
What is economics?
Management, Operations, marketing, accounting, finance
What are the five areas of business?
An economic system where essential industries are government owned
What is socialism?
Businesses supply goods and services in exchange for revenues while households provide labor and purchase goods and services from businesses
What are input and output markets?
Inputs used to produce outputs
What are resources?
Environment, Government, Culture
What are external factors that impact business?
A system that relies on both government and individuals to operate businesses
What is a mixed market economy?
Growth, high employment and price stability
What are economic goals?
Land, Labor, capital, entrepreneurial skills
What are the factors of production?