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Your Future in Business Begins Now

In: Business and Management

Submitted By rupu
Words 647
Pages 3
Chapter 1: Your Future in Business Begins Now
Question 1: How do businesses and not-for-profit organizations help create our standard of living?
Business: An organization that strives for a profit by providing goods and services desired by its customers.
Not-for-profit organizations: An organization that exits to achieve some goals other than the usual business goal of profit.
Standard of living: A country’s output of goods and services that people can buy with the money they have. – Standard of living is measured by the output of goods and services delivered by businesses and not-for-profit organizations. High standards of living ensure high quality of life. – Our quality of life is not simply the amount of goods and services available but also society’s general level of happiness.
Businesses play a key role in determining our quality of life. Building a high quality of life is a combined effort of businesses, Government and not-for-profit organizations.

Question 2: What are the Factors of Production?
Factors of Production: The resources used to create goods and services. There are five factors of production: 1. Natural Resources: Commodities that are useful inputs in their natural state are known as natural resources. Example: land, forests, oil deposits and water. 2. Capital: The inputs such as tools, machineries, equipment and buildings used to produce goods and services and get them to the customer. 3. Labor: The economic contributions of people working with their mind and muscle are called labor. 4. Entrepreneurship: People who combine the inputs of natural resources, labor and capital to produce goods and services. They are innovators and have new ideas. 5. Knowledge: The combined talents and skills of the workforce

Question 3: How are social trends, such as more women entering the…...

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