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LO 1-1: Define basic concepts such as business, product, and profit.business: individuals or organizations who try to earn a profit by providing products that satisfy people’s needsproduct: a good or service with tangible and intangible characteristics that provide satisfaction and benefitsprofit: the difference between what it costs to make and sell a product and what a customer pays for itLO 1-2: Identify the main participants and activities of business and explain why studying business is important.The main participants in business are the owners, customers, and employees, or, more directly, the business, and the people who run it, and the consumers they provide to. The main activities ina business are finance, management, and marketing. These activities help the owner and employees of a business to find and develop products that the customers need, and sell them to the customersLO 1-3: Define economics and compare the four types of economic systems.