BUSINESS
Any organization or activity that provides goods and services in an effort to earn a profits
Nonprofit organizations
causes not profit.
Profit
- the financial reward that comes from starting and running a business.
- The money that a business earns in sales (or revenue) minus expenses.
Natural Resources
land, water, wind, minerals
Capital
machines, tools, buildings, information, technology
Human Resources
physical, intellectual and creative contributions of labor
Entrepreneurship
- People who take the risk of time and money to start or manage a business
- Entrepreneurship is a key factor.
- Most growing economies support and promote entrepreneurship.
The Economic Environment
the state of the economy and current actions by government agencies and consumers
The Competitive Environment
- Many companies competing on customer satisfaction
- Leading Edge Products
• Speed to Market - The Workforce Advantage
Technological Environment
the World Wide Web and digital tools have transformed business and people’s lives
The Social Environment
−Diversity
−Aging Population
−Rising Worker Expectations
−Ethics and Social Responsibility
The Global Environment
the U.S. interacts with other economies across the world, especially as technology grows
Loss
when a business incurs expenses that are greater then its revenue
Standard of Living
the quality and quantity of goods and services available to a population
