September 11, 2007

September 11, 2007 - Basic Terms Business Any activity...

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Basic Terms: Business: Any activity involving the exchange of good and/or services between two or more parties on a local regional, or international scale Commerce: exchange of merchandise, especially on a large scale between two regions/nations **All commerce is business BUT not all business is commerce Entrepreneur: Innovative business people who attempt to profit by risk and initiative (plays an important role in economic development) Economic development: involves economic growth accompanied by a substantial structural or organizational change in the economy Unit 1: The Foundation: Development of European Business and Commerce The medieval world o 476 – 1500 AD (After the fall of Western Roman Empire by the barbarians) First established in 1 st century BC Implemented political and economical infrastructure (roads, currency, defense, government) Under attack in 3 rd century (times of warfare, famine, demoralized infrastructure and society destroyed)
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