Chapter 1 - WhatisBusiness?

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
What is Business? Profit-seeking  activities and enterprises provide goods and services necessary to an  economic system Profit   is the reward for business people who take the risk involved to offer goods and  services to customers Factors of Production Natural Resources Capital Technology Physical facilities Human Resources Physical Labor Entrepreneurship Risk-taking The Private Enterprise Capitalism Adam Smith is the father of capitalism Economic system determines business ownership, profits and resources Known as capitalism, economic system is a structure that provides rewards for  businesses that fulfill the need for consumers
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Capitalism leads to excellence Rewards firms for their ability to serve the needs of consumers Selling products at cheaper price then anyone else Companies that change quickly with the time get rewards Competition is the battle among businesses for consumer acceptance Basic Rights in the Private Enterprise Private Property Profits Freedom of Choice Free to choose own employment, purchases, and investments Competition No price setting, Fair competition
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/05/2012 for the course ADMINISTRA 011:100 taught by Professor Jayrereaves during the Fall '11 term at Rutgers.

Page1 / 6

Chapter 1 - WhatisBusiness?

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online