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Types of Businesses (1)

Types of Businesses (1) - Types of Businesses Types of...

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    Types of Businesses Types of Business Ownership  Fall 2007 IB Business Management Mr. Holland
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    What is Business? All activities of an individual or group involved in: Producing & Distributing Goods and Services to customers Businesses profit from the goods & services they provide You, as a consumer, impact business decisions
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    Business Resources Natural Resources (renewable and non-renewable) Raw materials supplied by nature Examples: minerals, land, trees Human Resources People who work to produce goods & services AKA: Labor Capital Resources Tools, equipment, & buildings used by business to produce goods & services Includes money needed to start & run a business
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    Customer vs. Consumer Customer: person who purchases the good or service (product) Consumer: person who uses the good or service (product)
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    United States Economy 3 questions all economic systems must answer: What goods & services are to be produced? How should they be produced?; And For whom should they be produced?
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