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Business: A Changing World, 4/e
O.C. Ferrell, Colorado State University
Geoffrey Hirt, DePaul University

The Dynamics of Business and Economics

Learning Objectives

After 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.





McGraw-Hill/Irwin