BUS101 Introduction to Business

Risks and Profits Business Goods Services Entrepreneur

Risks and Profits Revenue Profit Loss Quality of Life Stakeholders Outsourcing Insourcing Nonprofit organization Social entrepreneurs Factors of Production Land, Labor, Capital, Entrepreneurs, Knowledge

Risks and Profits Business Environment o Economic and Legal o Technological o Competitive o Social o Global o Ecological Productivity $63, 885 e-commerce database Big Data identity theft

Risks and Profits Services o 70% of US economy

Economics o Economics o Microeconomics o Macroeconomics o Resource Development o Adam Smith  freedom of ownership  profits o Invisible Hand o Malthusian o Capitalism

Economics Capitalism o Right to private property o Right to business ownership o Right to freedom of competition o Right to freedom of choice Free Market Supply Demand Supply and Demand Curves Equilibrium Point Market Price

Economics Perfect competition o commodity Monopolistic competition Oligopolistic Competition Monopoly Inequality Socialism Communism Mixed economies o Free-market o Command

Economics o Economic Indicators o GDP o Unemployment Rate o Underemployment o Price Index o Inflation o Disinflation o Deflation o Stagflation o CPI o Core inflation o PPI

Economics o Business Cycle o Boom o Recession o Depression o Recovery o Fiscal Policy o National Debt o Monetary Policy o Interest Rates