What is a business?
A business is a group of individuals or organizations trying to earn a profit by providing products
that satisfy people's needs.
What is a product?
A product is a good or service with tangible and intangible characteristics that provid
Nature of Competition among Businesses
Competition-Rivalry among businesses for consumers dollars
Pure Competition-Many small businesses in same product market
Monopolistic Competition-Small number of businesses, little difference in products
Conflict of interest
Advance personal interest over others interests
Benefit self at the expense of the company
Bribes represent a conflict of interest because they benefit an individual at the expense
of an organization or society
Fairness & Honesty (A
The buying, selling and trading of goods and services across national boundaries
Global marketing requires balancing global brands with the needs of local consumers
Why Nations Trade
International trade allows for the acquisition
Trade Agreements, Alliances & Organizations Continued
Asia-Pacific Economic Cooperation (APEC)
An international trade alliance that promotes open trade and economic and technical
cooperation among member nations
World Bank (International Bank for Reconst