| Business: A Changing World, 4/e O.C. Ferrell,
Colorado State University Geoffrey Hirt,
DePaul University
The Dynamics of Business and Economics
Learning ObjectivesAfter reading this chapter, you will be able to: Define basic concepts such as business, product, and profit. Identify the main participants and activities of business and explain why studying business is important. Define economics and compare the four types of economic systems. Describe the role of supply, demand, and competition in a free-enterprise system. Specify why and how the health of the economy is measured. Trace the evolution of the American economy and discuss the role of the entrepreneur in the economy. Evaluate a small-business owner's situation and propose a course of action.
|
|