t The Purpose of a Business is-
1. A business must satisfy a need
2.People have infinite amounts of needs and
3. Businesses can create needs that people don't even know exist.
Four Types of Resources: Financial, material, human, and information. We were shown different examples of these resources and categorized them as a class.
Manufacturing- Processing materials into goods for customers. EX. Intel, Dell
Service- Provide a service to customers. EX. HR Block, Google, Blue Baker
Marketing Intermediaries- Buy products from manufacturers and resell. EX. Best Buy, Target
Competition-supply,demand, equilibrium (market price)
Types of Competition:
Perfect-Market price
Monopolistic- Product differentiation
Oligopoly- Hard to enter market
Monopoly- Natural or legal
Factors of competition-Land and natural resources, labor, capital, and entrepreneurship.
Capitalism-The invisible hand(Adam Smith) and Laissez="let them do it."
Free Market Economy-There is no government in Adam Smith's free market economy.
Command economy- Socialism, Communism, and Mixed Economy.
Measuring Economic Performance- Productivity, GDP, inflation, deflation.
The Business Cycle: The peak, recession, trough, and recovery.
The next scriber will be:Ronpph
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