INTRODUCTION TO BUSINESS
MANAGEMENT CHAPTER 1
What does a business provide? - -they provide a god or services
-a good is an object like food, car,phone...etc
-a services is insurance for the car, entertainment include movies and theme parks
How does standard of living improved by business? - -when a buyer recognizes the
need for a service pr good they pay the seller for that good allowing to seller to continue
selling that good which allows for an improve on the living standard
Profits - -are rewards earned by business-people who take the risks involved in blending
people, technology, information to create, market wanting satisfying goods, and
services
What will lead to long term success? - -to be able to responsibly deal with customers,
suppliers, competitors, government, employees, and public.
What is a private not-for-profit organization? - Includes museums, libraries,trade
associations, charitable, and religious organizations
What is a public not-for-profit organization? - -government agencies, political parties,
labor unions
Not-for-profit organizations? - -businesslike establishments that have primary objectives
other than returning profits to their owners
-important a part of society
-have to make or rise money in order to operate and achieve goals
-there are private and public sectors
What activity lies at the heart of every business endeavor? - is an exchange between a
buyer and seller
What is the primary objective of a not-for-profit organization? - -is to rise money in order
to run operations and meet goals to help society
What are the four basic factors of production? - 1) natural resources
2) capital
3) human resources
4) entrepreneurship
What are the factor payments? - natural resources - rent
MANAGEMENT CHAPTER 1
What does a business provide? - -they provide a god or services
-a good is an object like food, car,phone...etc
-a services is insurance for the car, entertainment include movies and theme parks
How does standard of living improved by business? - -when a buyer recognizes the
need for a service pr good they pay the seller for that good allowing to seller to continue
selling that good which allows for an improve on the living standard
Profits - -are rewards earned by business-people who take the risks involved in blending
people, technology, information to create, market wanting satisfying goods, and
services
What will lead to long term success? - -to be able to responsibly deal with customers,
suppliers, competitors, government, employees, and public.
What is a private not-for-profit organization? - Includes museums, libraries,trade
associations, charitable, and religious organizations
What is a public not-for-profit organization? - -government agencies, political parties,
labor unions
Not-for-profit organizations? - -businesslike establishments that have primary objectives
other than returning profits to their owners
-important a part of society
-have to make or rise money in order to operate and achieve goals
-there are private and public sectors
What activity lies at the heart of every business endeavor? - is an exchange between a
buyer and seller
What is the primary objective of a not-for-profit organization? - -is to rise money in order
to run operations and meet goals to help society
What are the four basic factors of production? - 1) natural resources
2) capital
3) human resources
4) entrepreneurship
What are the factor payments? - natural resources - rent
