Intro to Business
Stakeholders- are all the people who stand to gain or lose by the policies and activities of a business. Stakeholders include customers, employees, stockholders, supplies, dealers, bankers, and people in the surrounding community.
Nonprofit Organization- is an organization whose goals do not include making a personal profit for its owners or organizers.
Factors (5) of Production- 1. Land- land and other natural resources are used to make homes, cars and other products. 2. Labor- people have always been an important resource in producing goods and services, but many people are now being replaced by technology. 3. Capital- capital includes machines, tools, buildings, and other means of manufacturing. 4. Entrepreneurship- All the resources in the world have little value unless entrepreneurs are willing to take the risk of starting businesses to use those resources. 5. Knowledge- Information technology has revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services.
Macroeconomics- looks at the operation of a nation's economy as a whole.
Microeconomics- looks at the behavior of people and organizations in particular markets.
Competition levels (4) in free markets- Perfect: exist when there are many sellers in a market and no seller is large enough to dictate the price of a product. Monopolistic: exist when a large number of sellers produce products that are very similar but are perceived by buyers as different. Oligopoly: is a form of competition in which just a few sellers dominate a market. Monopoly: occurs when there is only one seller for a product or service.
Mixed Economics- exist where some allocation of resources is ma ...