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chapter 1
what is business?
the environment of business
WANTS AND NEEDS
* wants are the things you wish you could have.
- A group of people may also share the same wants. Although these wants are shared, they are considered "private wants".
- Some wants are widely shared by many people. These wants are no longer considered private but become "the public wants".
* Necessary wants are needs. Food, shelter, and clothing are basic needs.
FACTORS OF PRODUCTİON
* LAND AND NATURAL RESOURCES --- PHYSİCAL --- RENT
* LABOUR/LABOR --- HUMAN --- WAGES/SALARY
* CAPİTAL --- FİNANCAL --- İNTEREST
* ENTREPRENEURSHİP --- İNTELLECTUAL --- PROFİT
TYPES OF ECONOMİC SYSTEM
*Economics is the study of how wealth is created and distributed.
- Microeconomics is the study of the decisions made by individuals and businesses.
- Macroeconomics is the study of the national economy and the global economy.
ECONOMİC SYSTEMS
*Capitalism is an economic system in which individuals own and operate the majority of businesses that provide goods and services.
- A market economy is an economic system in which businesses and individuals decide what to produce and buy and the market determines prices and quantities sold.
- A command Economy is an economic system in which the government decides
a. what goods and services will be produced,
b. how they will be produced,
c. for whom available goods and services will be produced, and
d. who owns and controls the major factors of production.
two types;
1. Socialism: the key industries are owned and controlled by the government.
2. Communism: Production of goods that the government needs rather than the product that customers might want, so there are frequent shortages of consumer goods.
MEASURİNG ECONOMİC PERFORMANCE
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