What is business?
Business consists of all profit seeking activities and enterprises that provide goods necessary to an economic system. Some businesses produce tangible goods and others produce services.
Non-for-Profit business-like organization to serve the public in some way. Revenues for nfp organizations come from donations, fund raisers, grants, etc.
Factors of Production
Human Resources- Everyone who works for the company
Entrepreneurship- the willingness to take risk
Capitalism- another name for private enterprise
Natural Resources- Agriculture, Land.....
One must first decide the demographic before attempting the production aspect of business.
Basic Rights in a Privatized System:
Fair Competition
Private Property
Double Damn- GM employee strike augmented by competition releasing new attractive product
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