A review of the chapters that we'vve covered do far

Chapter 1-
What is business?
Business_ is a profit seeking activities and enterprises that provide goods and services necessary kto the economic system

profits- rewards for business people.

no profit organization- business like establishments that have primary activities either that returning money to their owners

Chapter 2

Concern of Ethical and Societal issues

business ethics- the standards of conduct and moral values governing actions and decison inthe work enviorment

Chapter 3

Microeconimics: The Forces and Demand andd supply

Demand- refers to willingness andd ability of buyers to different prices

Supply- the abilty of seller that provide with goods and services for sale at different prices.

Demand
-price
-The need of wanting
-Demand curve-
_ the slope going downward meaning lower and lowere attract larger purchases


Supply
-business make decisions on how to profit
-supply curve- goes upwardsit moves that opposite meaning that the relationship between different prices and the quantities that sellers will offer for sale regardless of demand

global business- trading of goods internally
( now everyone selling to us before the main supplier)

equilibrium price- where the demand and supply curve meet

Types of Comp-

1. pure competition- large nummbers of buyers are sellers exchange products no big difference in price

2. monopelistic- competition have some control of price products are different

3. oligopoly- not to many sellers compete high start up cost make it difficult to enter the market they have some control over price

4. monopoly- single sellers controls the trade in a good service

Planned economy- Government determine ownership profit to accomplish goals

2 forms of planned economy is
1. communism
2. socialism

chapter 4

e-commerce- after e-commerce business can be close 24 hours a day

competition has increase

comparitive advantage- in a product if it can supply it more efficiently and ata lower price than it can supply other goods

chapter 5
Small business- firm that is independently owned and operated.