Intro Chapter 1 Notes

Intro Chapter 1 Notes - Chapter 1 Notes Factors of...

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Chapter 1 Notes Factors of production Natural Resources- Gas Capital- money, machinery Human Resources- need people to operate machines Entrepreneurship The Private Enterprise Capitalism. Adam Smith is the father of capitalism Economic system determines business ownership, profits and resources. Rewards firms for their ability to serve the needs of consumers. Minimized government intervention. Competition is the battle among businesses for consumer acceptance. Basic rights in enterprise system Private property Competition Profits Freedom of Choice The Entrepreneurship Alternative Is a risk taker. Fuels the U.S. economy. Provides innovation. Entrepreneurial thinking is important within large firms. Six Eras in the History of US Business Colonial Era-Argriculture Industrial Revolution- Semi-skilled workers aided by machines Industrial entrepreneurs- Advances in technology Production-Assembly lines. Henry T Ford
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Intro Chapter 1 Notes - Chapter 1 Notes Factors of...

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