BUS 150 Lecture 2: Business 150 Chapter 2
Document Summary
Business 150 business in action - bovee textbook. Economy: the sum total of all the economic activity within a given region. Economics: the study of how a society uses its scarce resources to produce and distribute goods and services. Microeconomics: the study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied at different prices. Natural resources: land, forests, minerals, water, and other tangible assets usable in their natural state. Human resources: all the people who work in an organization or on its behalf. Capital: the funds that finance the operations of a business as well as the physical, human-made elements used to produce goods and services, such as factories and computers. Entrepreneurship: the combination of innovation, initiative, and willingness to take the risks required to create and operate new businesses. Knowledge: expertise gained through experience or association. Scarcity: a condition of any productive resource that has finite supply.
