Business Classifications

Business Classifications - Business Classifications Goods...

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Business Classifications Goods producing May be capital-intensive. Service businesses Generally considered labor-intensive. Why Growth in Service Sector More disposable income. The targeting of changing demographic patterns and lifestyle trends. Needed to support complex goods and new technology. Companies seeking professional advice to remain competitive. Barriers are low to entry for e-commerce. Growth of internet. The FACTORS OF PRODUCTION are the resources used to create wealth: LAND (or natural resources) LABOR (workers) CAPITAL (e.g., machines, tools, and buildings; but not money—money is used to buy factors of production) ENTREPRENEURSHIP KNOWLEDGE The BUSINESS ENVIRONMENT is the surrounding factors that either help or hinder the development of business; they are: The economic and legal environment The technological environment The competitive environment The social environment
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Business Classifications - Business Classifications Goods...

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