Business
Business
A Business tries to earn profit by providing products that satisfy people's needs.
Non Profit Organizations
Organizations that may provide a good or service but do not have the fundamental purpose of earning profits.
Economics
The study of how resources are distributed for the production of goods and services within a social system.
Economic systems
An economic system describes how a particular society distributes its resources to provide goods and services. A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited supply of resources.
Explain Profits in all three Economic Systems.
Communism- Excess income goes to the government. The government supports social and economic institutions.
Socialism- Profits earned by small businesses may be reinvested in the business profits from the government owned industries go to the government.
Capitalism- Individuals and businesses are free to keep profits after paying taxes.
What is the primary goal of business?
To earn a profit by providing a product that satisfies needs.
Stakeholders
groups that have a stake in the success of a business.
Economic systems
An economic system describes how a particular society distributes its resources to provide goods and services.
Communism
a society in which the people regardless of class own all the nations resources. In a communist economy, the people (through the government) own and operate all businesses and factors of production.
Explain Product Availability and Price in all three Economic Systems
Communism- Consumers have a limited choice of goods and services, prices are usually high.
Socialism- Consumers have some choice of gods and services, prices are determined by supply and demand.
Capitalism- Consumers have a wide choice of gods and services; prices are determined by supply and demand.
What is a free market system
pure capitalism in which all economic decisions are made without government intervention.
management
involves developing plans, coordinating employees actions to achieve goals, o
Natural resources
land,forest,minerals,water,and other things that are not made by people
Socialism
an economic system in which the government owns and operates basic industries (postal services, telephone, utilities, transportation, health care, banking and some manufacturing) but individuals own most business.
Explain Employment Options in all three Economic Systems.
Communism- Little choice in choosing a career; most people work for government owned industries or farms.
Socialism- More choice of careers; many people work in government jobs
Capitalism- Unlimited choice of careers
What is the Nature of Competition?
The rivalry among business for consumer dollars which is a vital element of free enterprise.
Marketing
The focus of all marketing is to satisfy customers. Marketing includes all the activities designed to provide goods and services that satisfy customer needs and wants.
Human resources
the physical and mental abilities that people use to produce good and services
Capitalism
n economic system in which individuals own and operate the majority of businesses that provide goods and services. Competition, supply and demand determine what goods and services are produced, how they are produced, and how they are distributed.
Define and Explain Mixed Economics
Economies made up of elements from more than one economic system. All three economic systems are blended together and used in the business industry.
What is a Free Enterprise System and how does it work?
Free enterprise system provides an opportunity for a business to succeed or fail on the basis of market demand.
Pure Competition
exists when there are many small businesses selling one standardized product, such as agricultural commodities like wheat, corn, and cotton
What are the economic foundations of business
Economics, human resource natural resources financial resources capital
what are the two most capitalistic societies?
United states Hong Kong
Define and explain supply and demand.
Define and explain Supply and Demand
Supply- The number of products- goods and services- that businesses are willing to sell at a different price at a specific time. In general because the potential for profits is higher, businesses are willing to supply more of a good or service at higher prices
Demand- The number of goods and services that consumers are willing to buy at different prices at a specific time. From your own experience, you probably recognize that consumers are usually willing to buy more of an item as the price falls because they want to save money.