Chapter 1:
- Business consists of all profit-seeking activities.
- Sales is the foundation of business.
- Factors of Production are resources used in the production of goods and services. Consists of natural resources, capital, human resources and entrepreneurship.
- The 6 eras of business include colonial, industrial revolution, industrial entrepreneurs, production, marketing and relationship.
- Interesting facts-Alexander Hamilton invented the US financial system
- NY was built strictly for business.
- NY was the 1st capital.
- Conception comes from a mistake.
- Ethics (as it pertains to business) refer to standards of conduct and moral values involving right and wrong actions arising in the work environment.
- Social Responsibility and how it is measured.
- Modern Specialization is a method of production where a business or area focuses on the production of a limited scope of products/services in order to gain greater degrees of productive efficiency within the entire system of businesses/areas. Many countries specialize in producing good native to their part of the world.
- 3 major types of economic systems are private enterprise, planned and mixed market.
- Four stages of the business cycle are prosperity, recession, depression and recovery.
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