1. Intro to Business CHAPTER ONE BUSINESS -

2. Intro to Business CHAPTER ONE BUSINESS – All profit seeking activities and enterprises that provide goods and services necessary to an economic system.

3. Intro to Business CHAPTER ONE BUSINESS – All profit seeking activities and enterprises that provide goods and services necessary to an economic system. PROFITS – Rewards for business people who take risks to provide goods and services.

4. Intro to Business CHAPTER ONE BUSINESS – All profit seeking activities and enterprises that provide goods and services necessary to an economic system. PROFITS – Rewards for business people who take risks to provide goods and services. - This is the central focus of business - Without profits a company can not survive - What about Not-For-Profits?

5. Intro to Business CHAPTER ONE Not-For-Profit Organizations Place public service above profits

6. Intro to Business CHAPTER ONE Not-For-Profit Organizations Place public service above profits Must raise money to operate and achieve social goals Examples in Peoria, Illinois?

7. Intro to Business CHAPTER ONE Not-For-Profit Organizations Place public service above profits Must raise money to operate and achieve social goals Examples in Peoria, Illinois? All have to make money through the sales of goods or services

8. Intro to Business CHAPTER ONE Factors of Production 1.Natural Resources 2.Capital 3.Human Resources 4.Entrepreneurship

9. Intro to Business CHAPTER ONE Factors of Production 1.Natural ResourcesRent 2.CapitalInterest 3.Human ResourcesWages 4.EntrepreneurshipProfit

10. Intro to Business CHAPTER ONE Factors of Production 1.Natural ResourcesRent The most basic inputs required in an economic system Wood, Agricultural Land, Steel, Building Sites, etc…

11. Intro to Business CHAPTER ONE Factors of Production 1.CapitalInterest Needs to be continually acquired, maintained and upgraded. Businesses need money to do this. This comes from owner investments, profits put back in, or loans. This money then does what?

12. Intro to Business CHAPTER ONE Factors of Production 1.CapitalInterest Money is used to build factories, purchase raw materials and parts Money is used to hire, pay and train employees People and firms that supply Capital receive payments in the form of interest

13. Intro to Business CHAPTER ONE Factors of Production 1.Human ResourcesWages Anyone who works, CEO to self-employed pooper scooper. This encompasses physical labor to intellectual inputs. (Doing the work to putting in suggestions) Examples here at PND?

14. Intro to Business CHAPTER ONE Factors of Production 1.EntrepreneurshipProfit This is the willingness to take risks to create and operate a business Sees a potentially profitable opportunity and develops a plan to achieve success Examples?