GBUS160 chapter 1 outline

GBUS160 chapter 1 outline - Chapter 1 I. What is business?...

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Chapter 1 I. What is business? -Business-all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profits- rewards for businesspeople who take risks involved in blending people, technology, and information to create and market want-satisfying goods and services. A. Not-for-profit organizations -Businesslike establishments that have primary objectives other than returning profits to their owners. Play important roles in society by placing public service above profits. Ex: Ohio State’s athletic department, U.S. Postal Service, the American Heart Association, C-SPAN B. Factors of production Four basic inputs: -natural resources- all production inputs that are used in their natural state such as agricultural land, business sites, forests, and mineral deposits. -capital- technology, tools, information, and physical facilities. -human resources- anyone who works. -entrepreneurship- the willingness to take risks to create and operate a business. II. The Private Enterprise System -Private enterprise system(capitalism)- founded by Adam Smith, an economic system that rewards firms for their ability to perceive and serve the needs and demands of
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GBUS160 chapter 1 outline - Chapter 1 I. What is business?...

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