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man101_chp1 - 1 THE NATURE OF BUSINESS A business is an...

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THE NATURE OF BUSINESS 1 Businesses Provide… … Goods and services that are the basis of our standard of living … Jobs, goods and services that help determine our quality of life A business is an organization that strives for a profit by providing goods and services desired by its customers.
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Profit 1 Revenue less Costs Profit equals The money a company earns from providing services or selling goods to customers. Expenses that a company incurs from creating and selling goods and services. The money left over after all expenses are paid.
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Not-for-Profit Organizations 1 A not-for-profit organization Is an organization that exists to achieve some other goal than the usual business goal of profit. Government is the largest not-for-profit group. Not-for-profit organizations account for 28% of economic activity In the U.S.
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Factors of Production 1 Natural Resources Labor Knowledge Capital Entrepreneurship
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HOW BUSINESS AND ECONOMIES WORK Macroeconomics is the study of the economy as a whole. Microeconomics focuses on individual parts of the economy. Economics is the study of how a society uses scarce resources to produce and distribute goods and services. 2
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2 HOW BUSINESS AND ECONOMIES WORK Economic Concerns What is produced?
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